KARACHI, Feb 21: Trading on the cotton market on Monday resumed on an easy note as spinners and mills were not inclined to chase prices further higher beyond their export parity levels.

Stray lots, however, did change hands that too Rs500 per maund above the weekend rates but only some of the leading mills having export outlets just filled in the supply gaps as most of them had purchased the commodity at much lower rates earlier in the season, floor brokers said.

They said although the global prices eased from the recent all-time highs of well above 200 cents per lb but they had no negative impact on the local prices as was speculated by the spinners.

However, stray ready off-take reflects that spinners are more concerned about their export parity levels as they have to operate within the framework of global export markets, they said.

Meanwhile, spinners and mills are eyeing the export markets after the reversal of future prices on the New York cotton futures last week as any easing would enable them to make fresh forward deals to cover their forward positions against foreign sales.

But their major concern is ban on Indian exports and all are awaiting green signal from the Indians as lint from there is a bit cheaper on freight account alone, they said.Official spot rates were quoted higher by Rs200 at Rs12,000 per maund but fine lots were traded well above them.

Mill ready off-take was light owing to higher asking prices. The following lots all from Punjab ginneries did change hands as under: 1,200 bales, Bahawalpur at Rs12,000, 400 bales each Galiwali and Rahimyar Khan at Rs12,500.