KARACHI, Jan 28: Trading on the cotton market on Monday resumed on a quiet note as spinners and mills remained conspicuous by their absence apparently awaiting the arrival of imported stuff from India.

Stray lots, however, did change hands between Rs3,200 to 3,350 per maund in line with quality premiums but spinners seem to be in no mood to buy at Rs.3,400 per maund as some of them did last week.

Floor brokers said the relative quiet on the cotton market for the last couple of sessions signals that the recent panic among the spinners is fading with each session as was reflected by light ready mill off-take.

“Higher asking prices may be one of the inhibiting factors as imported consignments from various sources, including from India through wagha have started arriving,” they said.

The other sources of supply irrespective of price tag seem to have ended the prevailing panic among the spinners over the price and the supply, they added.

“The unsold stock of about 2m bales could be purchased at any time from the local market or direct from the ginners but no one among us is inclined to await further fall in world prices and everyone is busy in finalising fresh import deals,” spinners said.

Some of the leading spinners and mills are said to be out to line up fresh supplies from various sources below the 70 cent per lb mark, they added.

Meanwhile, a delegation of spinners had left on Monday for India to assess their supply position and to make fresh forward deals with the Indian exporters, according to market sources.

Official spot rates were firmly held at the last level of Rs3,200 per maund in some of the lots changed hands in the ready section on quality basis.

Mills ready off-take was again light totalling about 3,000 bales as under: 2,000 bales, Rahimyar Khan at Rs3,200 to 3,350, 1,800 bales, Sadiqabad at 3,200 to 3,350, and 400 bales, Mongi Bangalow at 3,300.