KARACHI, Feb 27: Trading activity on the cotton market on Monday was relatively slow as ginners again raised their asking prices ahead of fortnightly arrival figures. Floor brokers said that active buying by the mills and spinners on Saturday at the lower levels had encouraged some of the leading ginners to raise their asking prices for the fine lots but spinners appeared to be in no obliging mood.

Some of the leading spinner groups, however, lifted selected lots at the higher rate of Rs2,575 per maund, although some inferior lots from the southern Punjab ginneries were traded around Rs2,500 per maund.

They said that battle of nerves between the ginner and spinner was at its peak as both were trying to outwit each other on the supply and demand factors and it was pretty difficult at this stage to predict about the future direction of the market.

“All are now banking on the fortnight arrival figures due during the next couple of days as they are expected to set the future price outlook”, they said.

Some others said that the unsold stock of half a million bales lying with the TCP could well prove a price stabilizing factor as it could halt any speculative rise after the corporation resumes local selling.

The other positive factor is the larger unsold stock with ginners, which ensure a fair amount of supplies of lint to the needy spinners and mills at competitive price, they added.

That is perhaps why official spot rates were firmly held around the previous levels, although some of the deals in the ready section were done well above them.

Ready off-take was modest totalling about 7,000 bales, the following being some of the notable deals: 4,000 bales, upper Sindh, at Rs2,575, 200 bales, Multan also at this rate, 400 bales, Yazman at Rs2,550 and 400 bales, Mongi Bangalow at Rs2,500.