KARACHI, Dec 31: Trading on the cotton market on Monday resumed on a dull note as spinners remained conspicuous by their absence throughout the session owing partly to year-end considerations.

Spinners should have back in the market followed by reports that the US has lifted the quota curbs on the import of cotton yarn, imposed on March 16, 1999, which could give the needed push to exports in the coming months.

The perception the lint intake of spinners and mills will increase in the months to come did not hold good owing to war clouds, market sources said.

The market, therefore, ended the last session of the year 2001 on an insipid note as ginners failed to lure spinners back in the rings even after having lowered their asking prices.

Floor brokers said some of the spinners offered to inferior lots between Rs1,300 to Rs1,325 per maund but ginners were sellers around Rs1,400 and as the price ideas failed to find a meeting ground, ready offtake failed to pick up.

However, ginners were not inclined to lower their asking prices for the fine types from the upper Sindh and the southern Punjab ginneries below Rs1,850 per maund, they added.

They said spinners are awaiting the arrival figures of phutti for the month ended Dec 31, as unsold stocks lying with the ginners are expected to set the future trend for the market to follow.

“Prices could further decline from the current levels if the unsold stocks are above 2 million bales”, claims a leading broker adding “weaker links among the ginners may resort of panic selling in the backdrop of falling mill demand”.

The arrival figures due possibly by the end of the current week will give a fair idea about total crop, which in turn could influence prices either-way, he says. Ready offtake, therefore, did not expand beyond a couple of lots both from the central Sindh and the southern Punjab ginneries. The final selling rates were in line with the quality premiums.