KARACHI, March 26: The cotton market on Wednesday lacked normal trading interest as spinners remained conspicuous by their absence owing partly to higher asking prices by ginners.

The strong rebound, staged by the New York futures despite analyst predictions of breach of the barrier of 70 cents per lb, has changed the global price outlook, some cotton analysts think.

They said New York cotton futures appear to be again heading towards their pre-reaction level of 94 cents per lb as a section of speculative traders is not inclined to loosen its grip on the future price outlook.

Both the ruling May and the forward July settlements were quoted further higher by 1.08 and 1.33 cents at 74.13 and 77.55 cents per lb, maintaining their upward drive for the third session in a row, they said.

“The rise and fall in the New York cotton futures do affect the world cotton trade in more than one ways,” said a leading spinner, adding “the important thing is that there is no mechanism in the world trading systems to neutralise their erratic fallouts”.

Holding on an unsold stock of about 1.2 million bales, ginners also appeared to be in no mood to lower their asking prices on the perception that to sell them may not be a problem, before the crop from the lower Sindh arrives on the market in late July, floor brokers said.

As a result, the standoff on the ready front continues as both ginners and spinners have taken rigid positions on the selling price front in line with their parity levels, they said.

There was a relative quiet on the ready front, although unconfirmed reports say stray deals were reported by some of the ginners below Rs3,500 per maund.

Official spot rates were, therefore, again held unchanged at the previous level of Rs3,300 per maund.