KARACHI, March 17: Cotton market finished the weekend session on a steady note as prices were firmly held at the overnight level despite the absence of buyers. Physical activity, therefore, remained sluggish but reports reaching here from the southern Punjab cotton belt indicate that some of the leading spinners lifted some fresh big lots of fine quality lint, floor brokers said.

“Leading ginners who hold bulk of the unsold stocks are not inclined to sell below their pre-determined selling rate of Rs2,700 per maund for fine lots, spinners appear to be in no obliging mood apparently for export parity reasons,” they added.Market sources said ginners appeared to be in a commanding position as far as selling prices were concerned as no one among them was inclined to lower his rates for the fine lots.

That was perhaps why spinners enter the market in a big way and kept to the sidelines the very next day in an apparent effort to outwit ginners on the price front, they added.

But the recent recovery in the New York cotton futures after several lean sessions reflected that foreign lint could be more expensive in the coming weeks amid strong speculative activity.

Meanwhile, private sector exporters have physically shipped 0.141m bales of both old and new crop to various countries during Aug 1, 2006 to March 7, 2007, according to official figures.

There was, however, no change in the official spot rates which remained pegged at the last close of Rs2,575.

New York cotton futures on the other hand rose by 0.47 and 0.38 cents at 53.91 and 54.64 cents per lb for both the ruling May an the forward July settlements respectively.

Ready off-take was light as only 1,600 bales from Dada changed hands at Rs2,475 per maund.