KARACHI, June 16: The cotton market on Friday passed through a relatively dull session as spinners kept to the sidelines most of the time owing to higher asking prices by those ginners who still hold bulk of the unsold fine lots.Some of them were selling around Rs2,700 per maund after the Thursday’s deal at the same rate but leading mills which are said to be still a bit short of their annual consumption requirements appears to be in no obliging mood, brokers said.

Spinners claim the current higher prices named by the ginners are well above the international rates and their export parity level against their forward deals for the textile, they added.

As a result, hide and seek game between the ginners and spinners was the hallmark of trading and the ready business being the chief victim as both held on to their respective positions

Market sources said spinners were also not inclined to bid at the higher asking prices in the backdrop of a fresh tender floated by the TCP for 33,000 bales, bids against which are expected to be opened on June 26.

Indications are that the spinners and mills would go for the total stock on sale as they did in the previous one and lifted bulk of the 30,000 bales around and below Rs2,500, they said.

In the coming sessions, the physical activity may remain slow as spinners will prefer to await the outcome of TCP tender before again opting for the local market where the lint is a bit expensive owing to a short crop.

Meanwhile, reports reaching here from the lower Sindh cotton belt indicate that picking operations of phutti are expected to be resumed possibly by early next month and the new crop will be available by the end of July or early August.

Official spot rates, therefore, were firmly held at the last levels in the absence of falling physical trading and higher rates being quoted by the ginners.

Ready off-take was light totalling about 2,000 bales, mainly from the Punjab ginneries at various rates depending on quality of lint in trade but below Rs2,600 per maund.