KARACHI, June 20: Trading on the cotton market on Wednesday was relatively slow as ginners were not inclined to lower their asking prices from their benchmark of Rs2,700 per maund.

Some of the ginners holding stray lots were, however, sellers around Rs2,650 or slightly below this rate in an apparent effort to prepare for the new crop, but some recent developments including inter-mill deals have changed the future price outlook, floor brokers said.A big inter-mill deal of Punjab cotton at Rs2,700 per maund on cash seems to have changed the entire near-term price mechanism as far as the ginners are concerned, said a leading ginner.

Some of the leading spinners who had built-up long positions earlier in the season at the lower rates were selling their surplus stocks owing to some problems on the export front. “It is more profitable to sell lint at this stage than to add value to it,” said a spinner.

At the fag-end of the season, the price war has assumed new dimensions and indications are that the textile sector will be at the receiving end, he added.

The current standoff on the price front will continue as both spinners and ginners have taken rigid positions on the issue because of a short crop, he added.

Official spot rates were, therefore, firmly held at the last close of Rs2,600 per maund for the sixth consecutive session.

New York cotton futures on the other hand suffered fresh pruning of 0.45 and 0.47 cents per lb at 54.30 and 57.20 cents for both the ruling July and the distant October settlements respectively.

In the ready section a mill-to-mill deal of 1,400 bales of Punjab lint was reported at Rs2,700 per maund.