Talks in the trading ring in Pakistan have confirmed that in a recent meeting the Sui Northern Gas Company has assured a delegation of All Pakistan Textile Mills Association (Aptma) to cut gas tariff by 28 per cent.

There were some big-lot deals of buying and selling from many millers who tried to get hold of quality cotton, but ginners were generally reluctant to sell their stock in the hope of getting better prices in future.

As a result, prices generally remained under pressure on the ready counter. The Karachi Cotton Association cut down its spot rate by Rs 50 per maund (around 37 kilograms).

Major deals on the ready counter were: 400 bales from Shahdadpur (done at Rs5,600), 3,000 bales Sanghar (Rs5,900 to Rs6,200), 412 bales, Masqoodo (Rs5,965), 2,000 bales, Rohri (Rs6300), 2,000 bales, Saleh Pat (Rs6,300), 1,400 bales, Mianwali (Rs6,000), 600 bales, Khanewal (Rs6,300 to Rs6,365), 1,600 bales, Yazman Mandi (Rs6,300 to Rs6,450), 600 bales, Dharanwala (Rs6,325), 600 bales, Faqirwali (Rs6,350), 800 bales, Fort Abbas (Rs6,400), 2,000 bales, Haroonabad (Rs6,400) and 600 bales, Liaquatpur (Rs6,300 to Rs6,365).

The cotton market thus was found to be in line with global trend. The activity also remained modest as buyers generally remained cautious and avoided taking any risk at this juncture.

Brokers said that slack cotton yarn market coupled with issue of squaring up of books by most of the corporate entities owing to bank closing on Dec 31 also slowed down trading activity.

However, some brokers believed that big spinning units have already accumulated their stocks to meet their seasonal demand and only small and medium-sized mills were engaged in small lots trading at present.