KARACHI, June 13: Physical activity on the cotton market on Tuesday was relatively slow as spinners and mills awaited the outcome of their bids against the TCP tender for the sale of 30,000 bales.

Although spinners were still far away their annual consumption needs and preferred to keep to the sidelines until the TCP announced the acceptance or rejection of their bids. But luckily, their bids were in line with the TCP benchmark prices and were accepted for 25,000 bales, detail of sales released by TCP said.

According to TCP it accepted bids for various grades as under: 10,000 bales at the highest rate of Rs2,507 per maund, 5,000 bales at Rs2,409 and 10,000 bales at Rs2,381 per maund.

Floor brokers said spinners’ absence from the ready market reflected that leading among them opted for the TCP lint keeping in view its quality and price as compared to local stuff available from the central Sindh ginneries.

However, most of them are expected to be back in the market on Wednesday and are expected to lift those lots, which fall in their export parity levels. Some of the leading ginners holding stocks of 0.250m bales in the southern Punjab ginneries are not inclined to lower their asking prices below Rs2,600 per maund.Meanwhile, private sector exporters have registered export contracts for another 4,000 bales with the Export Promotion Bureau, raising the total sales up to June 7, 2006 to 0.325m bales, against which 23,906 bales have been physically shipped up to April 30, 2006.

According to reports reaching here from the major cotton growing areas indicate that the sowing has almost been completed and the growth of the earlier sown crop is satisfactory and there are no reports of pest attack because of extremely hot weather.Official spot rates were again held unchanged at the overnight level of Rs2525 per maund but a few deals were reported slightly above them in the southern Punjab cotton belt, dealers said.

New York cotton futures on the other hand maintained their upward drive and rose by 0.09 and 0.65 cents per lb at 52.70 and 56.75 cents for both the maturing July and the forward October contracts respectively.

Ready off-take was light totalling 1,500 bales but details were not immediately transmitted from the upcountry trading centres.