KARACHI, April 18: Cotton market on Tuesday showed an easy trend as prices were lowered by Rs25 per maund to attract buyers but spinners remained busy with TCP tender.

Although arrivals of phutti into the ginneries for the fortnight ended April 15 showed a modest increase of 17,000 bales over the previous figure at 12.388m bales, which were said to be lower than the revised target of 12.5m bales, but did not boost prices, floor brokers said.

The unsold stock of 0.988m bales was also on the lower side of the consumption demand of spinners and mills, they too were neglected as a bullish market factor, they said.

Market sources said the TCP tender seemed to have taken steam out of the market for the near-term as both spinners and mills remained busy with the tender as bids exceeded the actual number of bales put on sale.

The sources said that local and foreign buyers offered bids for 81,400 bales against the floated quantity of 30,000 bales. The highest rate was offered at Rs2,363 and lowest Rs2,206 by the mills for the above quantity. Foreign bids for the same quantity were ranging from 45.17 and 48.76 cents per lb for both the premium and inferior stuff.

The TCP rate committee is expected to meet on Wednesday and would announce acceptance of bids or ask bidders to improve their bids, they added.

The trading on the market, therefore, remained sluggish as till late in the evening only a couple of lots changed hands including 400 bales, Khairpur at Rs2,425.

Official spot rates were revised downward by Rs25 at Rs2,400 per maund in line with the quality premiums.

New York cotton futures on the other hand rose by 0.59 and 0.68 cents at 52.60 and 54.41 cents per lb for both the ruling May and forward July contracts respectively.