KARACHI, April 1: The cotton market finished the weekend session on a quietly steady note as leading buyers awaited the outcome of their bids against the TCP tender for the sale of 50,000 bales. According to market sources, the TCP was expected to announce names of successful bidders on Monday, which in turn would set the future market direction as well as the price trend.

Analysts said the steep decline in New York cotton futures was expected to make local lint more competitive and the TCP might accept any price above 49 cents per lb. But much will depend on the quantity sought by the foreign buyers, they added.

After having risen steadily during the last couple of sessions, New York cotton futures reacted to close lower by 1.05 and 0.75 cents at 52.65 and 54.60 cents per lb for both the ruling May and the distant July contracts, respectively.

But they said foreign bids apart, which were in line with the prevailing international and local rates, were said to be on the lower side as compared to those at which physical business was being transacted on the open market.

As a result, there was a relative calm on the ready counter partly owing to weekend considerations and partly to the TCP factor and the absence of spinners and mills.

But reports coming from the southern cotton belt indicate that Punjab-based spinners are active buyers around the current levels and are lifting fine lots slightly above the official spot rates, dealers said.

However, the final figures expected to be released by the Pakistan Cotton Ginners Association by the next week may not have any impact on prices as both the spinners and mills know that the high mark of 12.5m bales may not be hit.

Official spot rates did not show any change in the absence of feedback from the ready counter and were held at the overnight levels.

Unofficial reports said about 3,000 bales from southern Punjab ginneries changed hands, but officially a deal for 800 bales from Jhole was finalized at Rs2,325.