KARACHI, March 21: Physical activity on the cotton market failed to pick up on Thursday as leading spinners kept to the sidelines most of the time awaiting new developments on the export front.

On the local front, delivery problems owing to coming long weekend dominated the trading on the ready market as spinners were not inclined to make long-term commitments.

Ginners too appears to be in no haste and held on to their positions awaiting the official direction to the TCP in regard to export packing lots of about 20,000 bales lying in the southern Punjab ginneries.

The market was rife with rumours that the President has summoned the TCP chief to Islamabad to have his views on the reported complaints made a group of southern Punjab ginners but there was no official word from the TCP on the rumours.

But one thing is clear that the TCP is in the market and is buying those lots, which conform to its export quality standards as is evident from the large stocks it has purchased so far from the ginners of upper Sindh and southern Punjab, dealers said.

After the dissolution of the apex body of ginners, Pakistan Cotton Ginners Association to end the internal strife and the appointment of DTO as the controlling authority assisted by a committee of ginners till the annual elections, there is a relative calm on this front, they added.

“The market is expected to return to normalcy after the Muharram holidays when the pent-up demand may figure prominently and push prices further higher”, brokers said.

Stray lots did, however, change hands as spinners and mills holding short positions tried to supplement the supply lines ahead of the coming holidays.

Some of the leading exporters were said to be active buyers at the current levels but they mostly lifted inferior lots available around Rs1,500 or slightly above, market sources said.

In the recent past they have secured a substantial export business and are in the process of covering their forward positions to meet their shipment deadlines.

Official spot rates were again held unchanged at the last levels owing to slack ready business in the absence of buyers.

For the second session in a row, ready business remained at a low ebb as till late in the evening only 200 bales of Rasoolabad changed hands at Rs1,750.