KARACHI, Nov 12: Cotton market on Monday eased from the recent highs as spinners were not inclined to chase prices beyond their export parity levels but ginners were out to unload their long positions.

The ready business has, therefore, fallen to modest proportions after the spinners have decided not to indulge in unfixed dealings, which have pushed prices to about Rs.2,100 per maund last week, brokers said.

“The halt came after the spinners have to pay Rs.2,075 per maund to ginners against the unfixed lots totalling about 0.100m bales, which they have purchased followed by scare of a short crop,” they said.

According to market sources, a cartel of leading spinners have decided not to go for big lots at least for the near-term, which in turn has put them in an advantageous position as compared to ginners.

Lint prices have declined by Rs.25 to 50 per maund, while some of the inferior types were sold as low as Rs.1,800 per maund at the week’s opening session.

“The battle to grab the floating stock of the quality lint among the spinners is, however, in top gear but it is too early to say whether it could push prices higher,” dealers said.

The TCP, which withdrew to the sidelines after phutti prices soared to Rs.1,000 per 40 kg and lint to Rs.2,100 per maund is still watching the market trend and did not participate in the ready business as the prevailing rates are well above its ceiling, they added.

Owing to sudden pause in mill buying, growers are holding back their phutti stocks in the hope to sell them at the last week’s rate of Rs.1,000 per 40 kg but local market sources predict the average rate could fall to Rs.900 if buyers stayed on the sidelines.

Official spot rates for the average lint was quoted unchanged at Rs.1,950 per maund but in the ready section prices showed wide swings depending on quality.

Ready offtake was modest totalling about 3,000 bales, the following being some of the notable deals in Punjab type, Sindh variety was again neglected; 1,000 bales, Gojra at Rs.1,850.00, 500 bales, Sadiqabad at 2,000 and 200 bales Garah More at 1,800.