KARACHI, Nov 27: Cotton market on Tuesday burst into activity as spinners resumed their buying operations after breaking their self-imposed restrictions to outwit ginners but there was no gainer or losers in the battle of nerves.

Physical business on the ready counter resumed on a violent note as spinners and mills picked up each lot offered by the ginners between Rs2,050 and Rs2,100 per maund depending on quality.

About 25,000 bales changed hands, including some big deals of 4,000 bales as quality war now seams to have started among the spinners.

Bulk of the business is reportedly transacted late in the evening after Traveeh and the detailed reports about deals reach here by the next day when the market reopens.

Market sources said spinners failed to create dents in the strongholds of ginners after keeping to the sidelines as prices did not fall to the desired levels despite a serious jolts in the trading pattern.

“The proxy war still continues but ginners appear to be on the winning side after having demonstrated the strength of their holding power,” they added.

Leading ginners claim their lint rates after adding conversion charges are mostly based on the selling prices of phutti and the growers option of fix or unfix rate.

“We don’t but the growers are holding the veto power and until one is willing to sell his phutti below Rs1,000 per 40 kg, it appears pretty difficult to lower lint prices,” they said.

But brokers said the stalemate had reached its logical end and there was a possibility that normal trading would be resumed during the next couple of sessions.

“The contenders have already tested the endurance limits of each other and now they are expected to follow the rules of the game,” they say.

The future cotton outlook appears to be a bit bullish as forward contracts on the New York Cotton Exchange are steadily rising on the revival of world demand. Both the March and the May settlements were quoted higher by 0.17 and 0.9 cents per lb at 36.30 and 37.49 cents per lb, while the maturing December off nominally by 0.4 cents per lb at 33.78.

There was, however, no changed in the official spot rates for the second session in a row, owing to slow trading in the ready section.

Ready offtake was large owing to pent-up demand and total about 25,000 bales of both Sindh and the Punjab varieties, following being some of the notable deals:

SINDH TYPE: 500 bales of Kipro at Rs2,050, 1,000 bales, upper Sindh at Rs2,075, 500 bales, Sarari at Rs2,050, 100 bales, Sultanabad at Rs1,800, 200 bales at Rs1,700, 200 bales at Rs1,750 and 200 bales of Shahdadpur at Rs1,825.