KARACHI, Feb 13: Trading on the cotton market on Monday resumed on a firm note as spinners lifted all the lots offered by ginners below Rs2,600 per maund depending on quality.

Some leading spinner groups also indulged in big-lot business including fine lots from the southern Punjab ginneries, which also included a deal of 7,000 bales at Rs2,540 to 2,575.

Some of the inferior lots were sold between Rs2,525 to 2,550 but leading spinners and mills were after each fine lot, which they need to spin higher counts of cotton yarn as well as for blending purposes, brokers said.

However,there was no panic among the spinners about the supplies as prices seem to have almost stabilized below Rs2,600, which is said to conform to their export parity levels, they said.

“Spinners and mills are playing tactical game as they in unison have decided not to indulge in panic buying with a view to keep prices within the current level,” ginners said.

They (spinners)are not worried over the future supplies as in their opinion unsold stocks of about 2m bales lying with the ginners will keep a check on any price flare-up, they said.

“No one could deny the fact that spinners are still to go a long way to cover their annual consumption needs but they are extending tactical support in an apparent effort to keep prices within the current levels,” dealers said.

Moreover, spinners and mills are also awaiting the arrival figures of phutti for the fortnight ending Feb 15, which are expected to set the future price trend based on supply and demand.

Official spot rates were, therefore, held unchanged although some of the deals in the ready section were done above them.

Ready offtake was active totalling about 20,000 bales including 7,000 bales, Rahimyar Khan at Rs2,540 to 2,575, 2,000 bales, Sadiqabad at 2,525 to 2,575, 1,000 bales each Tiba Sultan and upper Sindh at 2,575 and 1,000 bales, Ahmedpur East at 2,550.