KARACHI, Feb 2: Physical activity on the cotton market on Wednesday modestly picked up as leading spinners tried to grab the floating stock of fine lots below Rs2,200.

Most of the deals for fine varieties were finalized between Rs2,100 per maund on the lower side and Rs2,150 on the higher side depending on mic and moisture, brokers said.

But ginners entertaining higher price ideas were reluctant to go for all-out selling and preferred to keep a substantial unsold stock with them as spinners have still to cover a long distance before the arrival of new crop, they added.

"In the absence of TCP from the market as a second buyer, spinners are not that worried over the future supplies and are also playing safe in an apparent effort not to indulge in panic buying", some others said.

Prices are, therefore, stable around the current levels as only 15,000 to 20,000 bales are changing hands daily as compared to 50,000 to 60,000 bales during this part of the season, they said.

The current pattern of trading, which brokers termed "hide-and-seek game" will continue during the sessions preceding the arrival figures of phutti for the fortnight ended Jan 31, 2005, they said.

However, it is generally believed that the bulk of the lint is lying with prominent ginners while their smaller partners have already closed the season with stray unsold inventories.

New York cotton futures posted a fresh modest rise of 0.12 and 0.32 cents per lb for both the ruling March and the forward May contracts at 43.88 and 45.32 cents respectively. Official spot rates on the other hand remained unchanged from the previous levels in line with ready rates.

Ready off-take modest totalling 5,000 bales, the following being some of the notable deals: 1,000 bales, upper Sindh at Rs2,150, 1,000 bales, Rahimyar Khan at Rs2,100-2,150, 200 bales, Muridwala at Rs2,125, 400 bales, Sanghar at Rs2,000 and 400 bales, Sarhari at Rs2,065-2,075.