KARACHI, Feb 27: Cotton market on Wednesday showed quietly steady trend as ginners, encouraged by the latest developments, have raised their asking prices but spinners are not inclined to buy above their export parity levels.

Ginners now appear to be a bit optimistic as the perceptions of an official intervention after the Islamabad joint meeting has altogether changed the cotton outlook, floor brokers said.

The easing of the prevailing tension among the ginners after the Thursday’s general body meeting also aided the sentiment. The ginners will chalk out a consensus agenda and line of action to be taken at the Islamabad meeting being called to end the prevailing crisis in the cotton trade, they added.

Market sources said ginners of upper Sindh and southern Punjab, who hold a long inventory of unsold quality lint, are holding on to their positions as most of them are said to be in touch with the TCP.

The TCP is buying lint cotton, which conforms to their quality standards and lots are in commercial packing at Rs.1,855 per maund excluding 15 per cent sales tax.

As a result, ginners have raised their asking prices, and are not willing to sell below Rs.1,700 per maund and fine quality lint at Rs.1,750.

It was perhaps in this background that the ready business is shrinking each session as price ideas of buyers and sellers are poles apart, dealers said.

They said spinners are not sitting idle and are in the market and hasten to buy those lots offered in line with their export parity levels.

Meanwhile, reports coming from the yarn market show that prices are not responding to an improvement in textile exports, but spinners hope a breakthrough might be possible during the next couple of weeks.

Exporters were again conspicuous by their absence as local prices are claimed to be a bit higher than the international rates. However, inferior lots are finding ready market in the Far Eastern markets and Bangladesh.

Ready business was modest totalling about 2,000 bales as under: 400 bales, Sanghar at Rs.1,600 on credit, 1,000 bales, Multan at Rs.1,500 and 500 bales, Bahawalpur at Rs.1,565.