KARACHI, Feb 28: Cotton market on Wednesday consolidated previous gains as ginners were not inclined to lower their asking prices, while spinners are not to go beyond their export parity levels.

Physical business, therefore, again slowed down as price ideas of buyers and sellers failed to find a meeting ground after Tuesday’s active mill off-take.

In a market where ginners still hold an unsold stock of over a million bales, mill off-take of only 400 bales reflects the rigid positions taken by the contenders over the price issue, market sources said.

“The seek-and-hide game will continue during the coming weeks also as ginners having fair idea of the crop shortfall will not lower their selling prices, spinners on the other hand have to oblige them until imports of India are allowed,” brokers said.

Spinners and mills have their own problems on the export front in the backdrop of falling demand on the international markets and lower prices being offered by the leading textile importers having negative impact on their purchasing power, they said.

Leading mills and spinners who have covered their forward positions earlier in the season are in comfortable position, but those who mostly operate on monthly or weekly basis owing to financial constraints are said to be facing supply problems, they said.

However, despite pressure on supplies, spinners managed to maintain selling prices for the fine lots between Rs2,600-2,625 which disappointed ginners as they eyeing Rs2,700 per maund, some others said.

Official spot rates were, therefore, firmly held at the overnight level of Rs2,550, while low-mic lint was traded well below this rate.

New York cotton futures on the other hand remained under pressure and fell by 0.32 and 0.74 cents per lb at 55.05 and 53.06 cents for both the ruling March and forward May contracts respectively.