KARACHI, Dec 26: Quieter conditions prevailed on the cotton market on Tuesday as sellers and buyers kept to the sidelines for the second session in a row owing to delivery problems.

However, ginners appear to be in no hurry to lower their asking prices and firmly holding on to their positions as leading among them have a fair idea of the crop and the future price outlook, said a leading ginner.

Most of the cargo haulers are busy in transporting sacrificial animals from the upcountry to the city at much higher rates, which the spinners could not pay as they will significantly add to their production costs, floor brokers said.

As a result, ready off-take remained low as ginners were not inclined to sell lint at the falling prices, while spinners kept to the sidelines because of delivery problems, they said.

“Normal physical activity is expected to be resumed in the post-eid holiday trading sessions as by that time cargo haulers will lower the freight,” they added.

Market sources, however, reported stray inter-mill business on kind basis as the needy ones will return the borrowed lots to their trading partners after eid holidays.

Meanwhile, reports reached here from the southern Punjab cotton belt indicate interruption in third picking of phutti and ginning operations because of rains on Monday.

According to market sources, third picking in some of the upper Sindh and southern Punjab cotton belt is in final stages and is expected to be completed during the next couple of days.

Official spot rates were quoted lower around Rs2,500 per maund as compared to last weekend’s Rs2,525.

No details of official ready business was available but some brokers said a couple of lots did change hands around Rs2,525-2,550 per maund for fine lots.