KARACHI, March 17: Modest activity was witnessed on the cotton market on Friday as some of the spinners lifted stray lots offered by the ginners below Rs2,500 per maund. But there was no immediate negative impact of the TCP sales of modest quantities to both local and foreign buyers at Rs2,309 per maund and 47.27 cents per lb being the best bids, TCP sources said, while others were asked to improve their bids around the top prices.

While a local spinner lifted 1,000 bales at the highest rate, foreign buyers managed to buy 5,000 and 2,000 bales, at the top price. Some of the lower grade lots were sold around 45.56 cents per lb, according to official sources.

The highest bid for the export quantity lint was in line with the prevailing world prices but the quantity in trade was too small to have any positive impact on the TCP‘s current sale drive, brokers said.

Floor brokers said highest selling price of Rs2,309 per maund was lower than that of those at which local business is being currently transacted and as a result, ginners held on to their unsold positions rather than lowering their selling offers.

However, indications are that some of the local spinners are expected to match their buying offers as asked by TCP rate committee and may be able to lift some more lots in the process, brokers said.

The some of the spinners who did not participate in the TCP tender re-entered the market and purchased modest lots from the ready stocks for immediate delivery.

Official spot rates were held unchanged at Rs2,450 but some of the deals in the central Sindh cotton lint were done below it in line with the quality premiums.

New York cotton futures on the other hand suffered fractional fall of 0.09 and 0.03 cents per lb at 54.49 and 55.78 cents per lb for both the ruling May and forward July contracts, respectively.

Ready off-take was light totalling 2,000 bales as under: 200 bales, Rohri and 400 bales, Obaro at Rs2,400, 400 bales, Rahimyar Khan at 2,450 and 600 bales, Sadiqabad also at this rate.