KARACHI, Feb 25: Physical trading on the cotton market on Friday gathered a fresh momentum as spinners raised their offered prices for fine lots but ginners appear to be in no obliging mood.

The recent price flare-up was guided by the local supply and demand factors and is not influenced by the international market trend owing to highly erratic price movements, brokers said.

Big-lot business was reported as leading spinner groups tried to grab the floating stock of fine lots mostly at ginners options but they held on to their positions. "I am eyeing the price level of 2,500 per maund for the near-term," says a leading ginner from the southern Punjab cotton belt. "Till then I will try to hold on to my position."

"The foreign lint prices are now too expensive as compared to local ones and that is why spinners are raising their offered rates bit by bit in an effort to keep them within the current levels," they said. But the developing situation on the cotton front showed that spinners have missed an opportunity to go for imports around 42 cents per lb amid hopes that the local crop would be enough to meet their demand, some others said.

However, the arrival figures of phutti during the current month have altogether changed the supply and demand factors, both spinners and mills being at a disadvantage.

Indications are that ginners may have a fair idea of the arrival figures for the current fortnight and raised their asking prices in line with an expected price flare-up in the weeks to come. Official spot rates posted fresh increase of Rs75 at Rs2,275 for an average quality of lint, while fine lots are selling well above this level.

New York cotton futures on the other hand suffered fresh fractional decline of 0.40 and 0.14 cents per lb for both the maturing March and the ruling May settlements at 47.50 and 48.75 cents per lb.

Ready off-take was active as till late in the evening about 20,000 bales changed hands. The following being some of the notable deals: 3,000 bales, upper Sindh, at 2,375 to 2,400.00,5,700 bales, Khanpur at 2,400, 1,600 bales, Nurpur at 2,300 and 1,000 bales, Ahmedpur East also at 2,300.