KARACHI, Oct 28: Dull and dreary conditions witnessed on the week opening session of the cotton market where major players, including spinners, stayed away from the ring.

Barring some stray buying incidents there was hardly any activity worth mentioning on the ready board as spinners adopted wait and see policy in order to build pressure on ginners to bring prices further down.

The falling trend in cotton prices noted in the week-end session extended further as a tug-of-war between the spinners and ginners intensified.

The spinners have entered into an written understanding to keep the prices below Rs2,100 per 40kg for the current season, and ginners on their part, feel that with higher phutti rates the current prices of cotton are too low the meet their expenses.

Cotton analyst Naseem Usman told Dawn that during next few days cotton prices would remain under pressure as spinners would stay away from the ring. However, some needy mills are expected to indulge in small lot transactions to meet their immediate needs, he added.

Consequently, Karachi Cotton Association (KCA) lowered the spot rates in sympathy with the ready board, where for second consecutive session, prices remained under pressure.

On the crop front it is too early to reach to any conclusion despite the fact that there are reports of some pests attack in cotton growing areas of southern Punjab.

However, reports of global decline of over 10 per cent in cotton output is also going to have its impact on the domestic market where spinners will have to fully depend on the local production.

Another floor broker said that the market would have to recoup its lost ground during next few days as spinners could not stay sideline for a longer period of time.

On ready counter around 1,200 bales of Sindh variety changed hands but no transaction has been reported in the Punjab cotton. 200 bales from Nawabad at Rs1,970 and 200 bales at Rs1,970; 200 bales, Kumb at Rs2,075; 200 bales, Tando Allahyar at Rs1,970; 200 bales, Sultanabad at Rs1,950; and 200 bales from Mirpurkhas at Rs1,970.