KARACHI, Jan 1: The new year account on the cotton market on Tuesday opened on a cheerless note as leading spinners and mills again adhered to the sidelines awaiting some stimulating news from the foreign yarn importers.

While leading spinners sitting comfortably on their long positions were conspicuous by their absence, their weaker links were very much in the arena and lifted all the lots, which fell in line with their export parity levels, floor brokers said.

Some of the inferior lots from the central Punjab cotton belt were sold as low as Rs1,300 as compared to previous Rs1,400 per maund, fine varieties fetched between Rs1,775 on the lower side and Rs1,900 on the higher side depending on quality.

Market sources said the trading activity on the market is expected to pick up after the Pakistan Ginners Association (PCGA) releases the phutti arrival figures for the month ended Dec 31, 2001 as it will give a fair idea of the supply position.

Although official Crop Assessment Committee still sticks to its slightly downward revised production figures, both spinners and ginners are entertain lower crop ideas.

“The figures, which could be close to the final will give a fair idea of supply and demand positions and in turn the future price outlook”, they added.

But leading spinners claim the resumption of normal mill demand will largely depend on the export orders, which have fallen to a new low ebb partly because of Afghan war and the current tension on the borders followed by massive Indian troop build-up and fears of war.

However, the situation on the borders is expected to ease followed by some positive developments on the political front, import orders are expected to resume in due course.

Ready offtake was modest as till late in the evening about 4,000 bales changed hands as under: 1,400 bales, Bucheri at Rs1,775, 200 bales, Sakrand at Rs1,775, 200 bales, K-68 Salehpat at Rs1,900, 200 bales, Rohri also at Rs1,900 and 1,200 bales of inferior type, Sahiwal and Pak Patten at Rs1,300.