KARACHI, May 2: Cotton market on Wednesday maintained a steady trend as ginners were not inclined to lower their asking prices having an overview of the supply and demand position.

Floor brokers said spinners and mills are awaiting the final crop figure due during the current week, which is expected to set further market direction.

But they ruled out the possibility of any immediate price flare-up despite the fact the total crop is well below the annual mill demand as the current decline in international prices has opened for them second option.

According to unconfirmed reports the final crop figures will be slightly below the revised target of 12.3m bales, while spinners need about 15m bales to see the year through.

“The total unsold stock is said to be around 0.350m bales mostly of fine lots and ginners are eying the price level of above Rs2,800 per maund,” market sources said.

Bulk of the unsold stocks are said to be with southern Punjab ginners and they are not inclined to lower there asking price relying apparently on their holding capacity, they said adding “that is perhaps why standoff between the ginners and spinners on the price front continues.”

They said some of the leading spinners and mills having a fair idea of the total crop have already made forward deals of about 0.250m bales from various sources below the level of 50 cent per lb.

Official spot rates were again held unchanged at the previous level of Rs2,700 per maund for want of feedback from the ready market.

Ready off-take was light as only 400 bales from a Khanpur ginnery changed hands at Rs2,800.