KARACHI, Jan 14: Cotton market on Tuesday maintained a firm trend as spinners resumed their covering operations mostly in line with the asking prices of ginners.

Spinners who have curtailed their daily offtake during the last couple of sessions in a bid to outwit ginners on the price front apparently failed in their moves as ginners were not inclined to be at the receiving end at this time of the season.

But in the counter moves to tilt the market balance in their respective favour, ginners managed to get an upper hand as most of the deals, which gone through were done at the higher rates.

“Spinners appears to be in search of fine lots for which they are willing to pay a premium price,” brokers said, adding “the big-lot business in upper Sindh and southern Punjab quality lint reflects that spinners are now out to grab the floating stock at current rates.”

They said instances were not wanting to quote, which showed internal competition among the leading spinners and mills to buy premium lots at the ginners asking prices of around Rs2,200.

“Most of the growers may be out of the price game now as they had already sold their phutti to the ginners but those who still hold substantial unsold stock and ginners are expected to be the main beneficiary of the changing market outlook,” dealers said.

The sudden pick up in mill demand ahead of arrival figures of phutti for the fortnight ending Jan 15, indicates that spinners may have found cue to the size of the crop and raised their buying prices.

Having a fair idea of the crop and the world markets, exporters have also become active, fearing a price flare-up. Their entry into the market shows leading among them are out to cover their forward sales at the prevailing rates.

According to official figures, they have sold 7,095 bales from Jan 8 to to 11, to foreign buyers, notably from Indonesia, Philippines and Bangladesh, raising the total foreign sales to 75,000 bales since Sept 1, 2002, which also included 52,000 bales of the old crop.

Official spot rates were, therefore, steadily held at the previous level but New York cotton futures suffered decline of 0.49 and 0.40 cents per lb at 50.91 and 54.75 cents per lb for both the ruling March and the distant May contracts, respectively.

Ready offtake rose to 15,000 bales, the following being some of the notable deals:

SINDH VARIETY: 5,000 bales from upper Sindh at Rs2,150 to Rs2,175; 1,000 bales, Moro at Rs2,085; 500 bales, Daur at Rs2,125; 600 bales, Nawabshah at Rs2,120; and 400 bales of Sanghar at Rs2,050.