KARACHI, June 23: Cotton market on Thursday lacked normal trading interest as buyers and sellers price ideas were poles apart as far as fine lots were concerned having negative impact on the physical trading.

But some local brokers reported stray inferior lots did change hands as section of spinners was after them around Rs2,100 to Rs2,200 per maund apparently to be used for blending purposes to spin medium count cotton yarn.

The leading textile and spinner groups are, however, more keen to lift all lots being offered by the TCP in its auctions because of their fine quality and are also willing to pay a bit more, they said.

But they are virtually out of the local market and are eyeing the lint from TCP, which has still to go a long way to dispose of about a million bales up to Aug 15, they added.

“Unlike the previous seasons, trading activity now has shifted to the TCP head office where bids are opened in the presence of the bidders followed by instant decisions asking them to match its reference rate”, spinners said.

However, they were unclear what negative impact the recent fall in New York cotton futures would have on the TCP reference price in its auction on next Monday, they added.

After having risen steadily during the last couple of sessions because of rolling of positions from the matured July contract to the new crop October settlement, New York cotton futures on Wednesday fell by 1.22 and 1.01 cents per lb at 47.50 and 50.65 cents per lb for both July and October contracts respectively.

However, the ruling October contract was held above the psychological barrier of 50 cents, which could well mean that near-term world cotton outlook appears to be a bit bullish and the TCP is expected to sell its stocks at competitive prices in the coming auctions.

There was no change in the official spot rates in the absence of feedback from the ready market and were firmly held at the last levels.

Ready business was light comprising odd lots both from the central Sindh and Punjab belts as some of the private sector exporters are said to be short of their consignment against forward sales.