KARACHI, Dec 1: Cotton market remained in the tight grip of spinners as leading among them were not inclined to take even a technical breather and lifted all the lots offered by ginners mostly at the asking prices.

“The lint prices are heading toward their pre-reaction level of Rs2,250 as the mad rush among the spinners to grab the floating stock of quality lots continue to encourage ginners to raise their asking prices,” floor brokers said.

A difference of about Rs200 per maund between the inferior and the superior lots reflects each spinner or mill is working on his respective economies without having an idea on its negative impact on the price line in respect of export parity levels.

“None other the spinners are to be blamed for this rebound in prices,” says a leading broker, fearing “prices could well assume an uneconomic proportions if the current scramble of quality lint continues”.

But ginners, who are obliged to raise lint prices in line with the phutti rates, claim the market is in the hands of growers who have learnt the art of holding back of stocks to raise prices to their economically suitable levels.

“Most of us are still in the red owing to recent decline in lint prices as we have purchased phutti at much higher rates,” they claim, adding “even today we are only operating on conversion charges basis”.

Reports coming in from the major cotton growing areas suggest that arrivals of phutti into the ginneries are showing progressive decline for no apparent reasons.

“The fall is partly attributed to holding back of large stocks of phutti by the ginners and partly to rumours of a short crop in some of the areas owing to late pest attack,” ginners say.

The market sources said although leading exporters were still not that active, higher New York cotton future prices show that world demand is picking up and prices could rise further as the outlook appears bullish.

But much will depend on the size of the crop, the pace of mill buying in the coming weeks and softening of growers attitude, they added.

Official spot rates were quoted higher by Rs50 per maund at Rs2,075.

Ready offtake was active at 15,000 bales as spinners were not inclined to any lot available below 2,150 per maund. The following are some of the deals, which gone late on Friday night:

SINDH TYPE: 2,000 bales of Moro at Rs1.950, 500 bales, Shahdadpur at Rs1,875, 500 bales, Bhiria City, at Rs2,050, 500 bales, Bhiria Road at Rs2,050 and 500 bales of Sanghar at Rs1,850.