KARACHI, Jan 13: Cotton market on Thursday lacked normal trading interest as spinners and mills kept to the sidelines just marking time in view of the delivery problems.

However, some of them were active buyers for lots ready for prompt delivery before Eid holidays and lifted some of the lots offered by ginners from their local godowns, dealers said.

But on the whole the activity remained terribly insipid as spinners remained reluctant buyers as higher fares being demanded by the cargo haulers for prompt delivery could significantly add to their production costs, they said.

"Spinners and mills though have their hands full with export orders for the current quarter ending March 31, they are not indulging in panic-buying to push prices further higher," brokers said adding "they keep to the sidelines after prices are quoted beyond their export parity levels".

"Unlike the previous years, we have now to operate within the WTO regime, which both demand quality and competitive price", says a leading spinner "some of us are worried over the unsold stock of lint lying in the ginneries as bulk of the fine lots has already been cornered by the TCP". But one thing appears certain that no one among the leading spinners is inclined to buy even fine lots at Rs2,200 per maund, although some of the upper Sindh and southern Punjab ginners are willing to oblige them.

Market sources said both the TCP and the spinners have to redefine their future price ideas as the current rise has changed the entire outlook despite talk of a bumper crop.

The post-eid sessions would show the real trend of the market and price outlook as by that time transport charges would get normal but whether or not ginners would opt for increase in their prices will set the future trend, they said.

Official spot rates were, therefore firmly held at the last levels amid modest activity in the ready section. New York cotton futures on the other hand posted modest rise of 0.39 and 0.22 cents per lb for both the ruling March and distant May settlements at 46.59 and 47.46 cents per lb.

Ready off-take was light totalling about 5,000 bales as under: 3,000 bales, upper Sindh at Rs2,100, 200 bales, Sanghar at Rs1,925, 100 bales, Shahdadpur also at the same rate and 1,500 bales, Ahmedpur East at Rs2,100.