KARACHI, Feb 6: After about a week's closure on account of Eid holidays, trading on the cotton market resumed on a dull note as both buyers and sellers were conspicuous by their absence.

The trading activity was also affected by strike called by the MMA to protest against the debriefing of the top scientists including Dr Abul Qadeer Khan.

Both brokers and ginners most of the time remained busy in exchanging Eid greetings rather than indulging in any physical business for delivery problems which still exist as cargo haulers were busy in transporting animals to the upcountry destinations.

Normal trading activity is expected to resume early next week as by that problems of delivery will partially be resolved as trucks will be available at the pre-Eid holidays rates. But reports coming from the southern Punjab ginneries indicate that some of the spinners from the Punjab have booked substantial quantities of fine lint from a number of ginners around Rs3,300.

Local spinners on the other hand are awaiting fresh reports from the New York Cotton exchange and the impact of the ruling May future contract on the local prices.

After having fallen below the 70-cent per lb level, New York cotton futures are again ruling firm, having a bullish impact on the local prices, dealers said.

They said the future direction of the market would be guided by the arrivals figures for the fortnight ended Jan 31, 2004, due possibly by the next couple days.

According to market sources, they may not significantly add to the previous total but there could be some surprises also. That is why a formidable section of spinners and mills are waiting for the arrivals before resuming post-Eid buying operations.

Both leading spinner groups and local brokers put the total crop figure around 9.6m bales as against official projection of 10m bales plus. Official spot rates did not show any change in the absence of ready business and were firmly held at the pre-holiday levels.

There was no reports about the physical business on the local market but some brokers said reports reaching here from the southern Punjab cotton belt indicate a couple of thousand bales have changed hands between Rs3,250 to Rs3,325 per maund without 15 per cent sales tax.