KARACHI, Aug 16: Physical activity on the cotton market remained modest as spinners further lowered their bid prices in the backdrop of bearish news from the international trading centres.

Some of the leading ginners still entertaining ideas of higher rate above the recent benchmark of Rs2,200 were a bit disappointed after spinners were in no mood to oblige them, brokers said.

“Thus the ginners and spinners remained locked in a battle of wits, resulting in low ready activity, which confined to a few hundred lots for the second day in a row”, they added.

They said most of the leading spinners who have revised upward their bids in line with the TCP guidelines appear to be more inclined to buy fine types from it rather than opting for expensive lint being offered by the ginners.

Market sources said the current standoff over the prices will continue between the spinners and the ginners until the TCP has exhausted its unsold stocks through tenders.

“Spinners may not fall in the trap of ginners at least for the near-term as they have an alternate channel in the form of TCP to meet their immediate needs through competitive rates in an open competition”, they added.

But some cotton analysts said the Thursday’s steep decline in the New York futures could have a negative impact on the nearby price outlook elsewhere and Pakistani lint could hardly be an exception in the coming sessions.

Already the new crop lint prices have eased from the peak level of Rs2,350 per maund to Rs2,100 to Rs2,150 both on the lower and higher sides and may fall further in line with the world rates, they added.

New York cotton futures on Thursday fell by 1.26 and 1.24 cents per lb for both the ruling October and the distant December settlements at 44.22 and 45.78 cents on speculative selling and predictions indicate they could fall further in the coming sessions.

Meanwhile, the figure of foreign sales have crossed the 0.3m bales mark at 0.304m bales against which physical shipment have been made to the tune of 0.208m bales up to Aug 8, 2002.

There was, however, no change in the local official spot rates, although some of the deals in Sindh variety were done above them.

Ready offtake was as till late in the evening over a 1,000 bales changed hands as under: 200 bales, Sultanabad at Rs2,150, 100 bales, at Rs2,100, 200 bales, Mirpurkhas at Rs2,150, 100 bales, Tando Adam at Rs2,150 and 100 bales, at Rs2,140. A single deal in Punjab variety was reported by Samundri ginner at Rs2,200 per maund without 15 per cent sales tax.