KARACHI, March 31: Cotton market passed through a relatively quiet session partly because of a short Friday session and partly to opening of bids for the latest TCP tender. Floor brokers said leading spinners remained busy with the tender business at the TCP head office as most of them were keen to lift as much bales as they could at their bid prices but unlike the previous tender their offered rates were a bit low depending apparently on quality.

According to a leading broker the TCP received bids for 0.131m bales against its tender of 50,000 bales, the highest and lowest local bids being Rs2,353 and Rs2,202 per 40 kg, respectively, which are on the lower side of the ruling prices on the ready counter.

However, it reflects aggressive mill demand for the TCP stuff whether or not their bids are accepted. The TCP rate committee will evaluate the bids and announce the acceptance of rejection by the next week, they said.

Some of the foreign buyers on the other hand offered to by a substantial quantity of lint, their highest and lowest rates being 49.30 and 42.57 cents per lb, which are in line with the prevailing international prices at a quality discount of five cents per lb.

Market analysts said that the TCP could be chief beneficiary of the heating up of the foreign cotton markets including the New York cotton futures after the re-entry of China and its futures sales could be at much higher rates.

The TCP will hold an unsold stock of 0.4m bales if it accepts all the bids for the current lot of 50,000 bales, they added.

It was in this background that the ready off-take remained slow and only 2,000 bales were reported to have changed in the southern Punjab ginneries.

Official spot rates on the other hand remained pegged at the previous level of Rs2,425 per maund and some of the deals were done around them.

New York cotton futures on the other hand posted fresh rise of 0.54 and 0.61 cents at 53.70 and 55.35 cents per lb for both the ruling May and the distant July contracts respectively.