KARACHI: (March 13 2004) The cotton market gave a lack-lustre performance as both buyers and sellers maintained a low profile as usual on Friday.

The spinners retired to the sidelines after meeting their immediate requirements on Thursday. The erratic behaviour of the New York futures mainly accounted for their un-decisiveness. They preferred to wait for a clearer trend on the world market before deciding to enter the local market or not.

The ginners, however, resisted further decline in prices anticipating further recovery in New York cotton futures. Spot price remained unchanged at Rs3,000. In the ready section, 3,500 bales changed hands at much lower rates.

Low mic Punjab lint was sold at Rs2,585/2,750. High-grade lint however fetched Rs3,100. An expert said that the cotton prices have taken downhill course to the grave concern of ginners. It has created difficulties for several spinners holding long positions.

Except for two or three sporadic spikes in cotton prices, most of the time the lint values have continued their downward slide since the beginning of this year.

With the fall of the prime quality lint’s price below Rs3,000 benchmark, those holding long positions, have started becoming panicky.

Brokers said that tremendous fall in cotton futures prices in New York over the previous several sessions and domestic cotton output appearing to come close to 10 million bales or more has led to an unmistakable regression in cotton prices.

In the ready section, business volume stood at 3,500 bales out of which 400 bales Rasulabad were sold at Rs2,585, 2,500 bales Haroonabad at Rs2,750 and 500 bales Samundari at Rs3,100.

The News International, Pakistan