KARACHI, March 1: Cotton market on Friday passed through a relatively dull session as both the buyers and the sellers awaited some positive news from the Islamabad meeting and did not indulge in fresh trading.

The session, therefore, ended on an insipid note as ginners were not inclined to make fresh offers until the official word from the Pakistan Ginners Association (PCGA), high-ups is known about the decisions arrived at the Islamabad meeting, dealers said.

However, some of the local spinners who did not resume fresh buying during the post-holiday trading week were said to be in the market but there were not many sellers.

Floor brokers said whatever assurance the higher authorities may have given the ginners about the solution of the current crisis of processed glut, one thing appears certain the market direction will largely depend on the cooperation of the spinners and their resolve to resume normal buying operations.

“Reports that the TCP has purchased about 0.3 million bales during its current operation was a positive development and imparted a strength to the underlying sentiment”, they added.

But as the unsold stock is larger than the market perceptions its positive impact is not that visible for the near-term, they say.

They said a good beginning has already been made and the next couple of sessions could witness a perceptible change in the market psychology as spinners are expected to follow suit fearing further increase in prices.

Spinners say the world textile outlook is expected to change significantly during the current quarter starting from March 1, thanks to liberalization of imports by the European Union and the US.

“The export of textiles could rise by about seven per cent during the current quarter, which could well mean larger lint intake and an increase in prices”, they added.

It was perhaps because of this perception that spinners are willing to pay more for the lint offered on forward basis, brokers said.

For the third session in a row, ready offtake remained slow but reports coming from the Punjab ginneries say about 3,000 bales changed hands.