KARACHI, Jan 21: Trading on the cotton market on Monday resumed on a cheerless note as spinners and mills remained conspicuous by their absence owing perhaps to delivery problems.

Floor brokers said reports reaching here late in the evening from the Punjab cotton belt said some of the leading spinners and mills lifted a substantial quantity of bales including some big lots at Rs3,250 and Rs3,300 per maund.

But indications are that unlike the previous sessions, mills are not inclined to go beyond their parity level of Rs3,300 at least for the near-term, they said.

“Price war between the ginners and the spinners is hindering the larger mill intake,” said a leading ginner, adding that ginners are inclined to sell fine lots below Rs3,400 per maund, but spinners are reluctant to oblige them at least for the time being.

The mills still have to go a long way to cover their annual consumption needs after having imported about another 2m bales.

Mills and spinners have already imported about 1.5m bales from different countries to make up the local crop shortfall.

Bulk of the business was being transacted in lint of lower grade, which is being widely used by the mills for blending purposes with the staple fibre to produce blended cloth and yarn,

Moreover, consignments of imported stuff from various sources are steadily arriving in against forward deals slowing down the mill buying to some extent, others said.

Official spot rates were again firmly held at the last level of Rs3,200 per maund for an average quality of lint.

Ready off-take confined to about 2,000 bales, including 1,000 bales, Rahimyar Khan at Rs3,250 and 400 bales, Liaquatpur at also at Rs3,250.