KARACHI, May 2: Trading on the cotton market on Monday resumed on a dull note as spinners and mills remained conspicuous by their absence owing to production glut and problems on the export front.

Mill ready off-take remained was meagre despite the fact that ginners had further lowered their asking prices, but not many spinners appeared to be in an obliging mood, floor brokers said.

They said spinners were awaiting positive developments on the export front and normal outflow of export shipments. “Because of problems on the export front and fall in ready offtake of the yarn by local ancillary industry, a number of spinners have curtailed their daily production.”

“Until the shipments of cotton yarn get smooth, the problems of the textile industry may not be resolved,” they added.

Market sources said even price movements on the New York cotton future market had further compounded the supply position as spinners and mills cannot open letters of credit (LCs) amid uncertain near-term price outlook.

Official spot rates, therefore, did not show any change and were firmly held at the weekend level of Rs9,500 per maund but stray deals were done well below them.

The following notable lots changed hands on Monday: 200 bales, Shahpur Chakkar at Rs8,000, 120 bales, Tando Adam at Rs7,800 and 100 bales, Shujabad at Rs8,000.