KARACHI, Oct 21: A short Friday session on the cotton market did not witness any major change in the prevailing prices as spot rates were firmly held at the overnight levels.

The physical activity was relatively slow as spinners and mills just marked time owing to Friday. However, stray lots did change hands around the previous levels as any deal below Rs2,400 per maund suits both the ginners and the spinners, brokers said.

However, there was no near-panic conditions witnessed on Thursday evening as ginners held on to their unsold positions rather than selling at the lower levels despite having larger unsold stocks of lint with them, they said.

“While few lots changed hands in the Sindh type for the last couple of sessions, the centre of activity has been shifted to the Punjab cotton belt where bulk of the daily turnover is done,” market sources said.

“Unlike the local market, ready market in the Punjab cotton belt opens after Iftar and about 10,000 to 15,000 bales change hands daily before buyers and sellers opt for traveeh”, some others said.

Meanwhile, spinners have opposed the sale of 50,000 bales by the TCP to foreign buyers and private sector exporters and urged the government to allow local mills to participate in the tender. The TCP tender will be opened on Oct 26.

Spinners say owing to two opinions about the size of the crop and damage to it, they need further supplies of lint to honour their export orders and they should be first buyers because of their contribution to the export proceeds.

Unlike the previous years, spinners and mills did not opt for foreign stuff and preferred local stuff amid reports of another bumper crop but the mid-season of damage to the crop worried them about the competitive supplies, says a leading spinner.

Official spot rates did not show any change and were firmly held at the last levels, although some of the fine lots were traded above them.

Ready off-take was below the normal daily figures totalling about 7,000 bales, mostly from the Punjab ginneries. Most of the deals in the southern Punjab type were done below Rs2,400 per maund and that of Sindh around Rs2,225 to Rs2,275 per maund.