KARACHI, April 23: Cotton market on Friday showed firm trend as ginners further raised their asking prices in line with the international prices but spinners were not inclined to bid above Rs2,900 per maund.

Floor brokers said ginners are now a bit optimistic about the future price trend on the perception that spinners would prefer to buy from the local market rather than opting for expensive foreign lint.

The other contributory bullish factor is pressure on ready supplies as crop figure may not touch the target of 10m bales as the latest arrival figures indicate, showing a gap of 0.2m bales around 9.771m bales, they said.

But what seems to have gone against the spinners is the snap recovery staged by the New York cotton futures and its positive impact on the other markets including local ones.

"Some two weeks earlier spinners have a full control on the local prices as they enter and leave the market at their will being the sole buyers", market sources said adding "the entry of exporters in the market and rebound in world prices took the initiative from them and ginners assumed the role of price trend setters".

Although some of the private sector exporters were buyers of low-mic lint and in no way offered competition to the spinners, their presence on the market went in favour of the ginners.

Some of the private sector exporters purchased 600 bales of low-mic lint from a Sanghar ginner at Rs600, indicating that foreign buyers are opting for the local lint in the backdrop of bull-run on the New York Cotton Exchange, dealers said.

New York cotton futures on Thursday ended with fresh gains ranging from 0.65 and 1.03 cents per lb for both the forward July and the ruling May contracts at 63.28 and 64.48 cents per lb respectively.

Local official spot rates were also upped by Rs25 at Rs2,875 per maund without 15 per cent sales tax. Ready business was active totalling about 10,000 bales, the following being some of the notable deals:

SINDH TYPE: 600 bales, Sanghar at Rs2,500, purchased by exporters, 1,000 bales, Kumb at Rs2,850, 400 bales, Bhiria Road at Rs2,775, 800 bales, Mehrabpur at Rs2,600, 600 bales, Salehpat at Rs2,650, 200 bales and Nawabshah at Rs2,700.