KARACHI, May 16: Cotton market on Wednesday lacked normal trading interest as spinners kept to the sidelines owing to problems on the export front. Stray lots did change hands but well below Rs2,700 per maund depending on quality of lint but spinners and mills are not inclined to go beyond this level even for best quality lint, brokers said.

The standoff between the ginner and the spinner on the price front continued as was reflected by falling ready off-take and the latter’s absence from the market.

“Leading ginners who still hold an unsold stock of 0.3m bales are now bit worried and are willing to sell the below their quoted rate of Rs2,800 per maund,” they said.

The permission of import of lint from India via overland route has changed the future price outlook denying ginners the benefit of a short crop, some others observed.

They said as spinners and mills were exploring the Indian markets to know from where the cheaper lint could be purchased, ginners were trying to get out of their unsold stocks amid fears of fresh fall in prices.

“The opening of the Indian channel though a bit late has put the ginners on the defensive and now most of them are inching toward the receiving end,” said a spinner.

The next couple of sessions could be very crucial for the ginners as they have to decide whether to sell at spinners’ offered prices or take calculated risks of possible decline in prices after Indian lint starts arriving by train, some others said.

Official spot rates were firmly held at the overnight levels despite fall in prices in physical trading at Rs2,675 per maund.

After several lean sessions, some of the spinners lifted a couple of lots offered at the lower levels. The following were some of the notable deals all from Punjab cotton belt: 1,300 bales, Lodhran at Rs2,600, 500 bales, Shujabad at Rs2,575 and 500 bales, Haroonabad at Rs2,665.