KARACHI, Sept 1: Trading on the cotton market on Friday remained dull as spinners and mills did not make fresh commitments at the higher asking prices.

The activity remained thin owing to country-wide protest strike called by the opposition. Floor brokers said Thursday’s steep increase in prices affected spinners export parity levels and they preferred to keep to the sidelines taking an overview of the developing situation.

The reports about the damage to standing crop appear to be a bit speculative creating problems for the spinners and

mills, they said, adding “leading spinners seem to have decided

to await further developments before chasing the price flare-up.”

Although picking operations of phutti both in the central Sindh and central Punjab cotton belts are now normal and arrivals are fairly steady, the news about a short crop continued to fuel price flare-up.

“There appears to be price war among the spinners after leading among them opted to buy lint at Rs2,725 per maund,” weaker links of spinners complain.

But it appears pretty difficult to think of decline in prices in the coming sessions but the chief worry of the spinners is to contain them around the current levels, market sources said.

Official spot rates were quoted unchanged at the last level of Rs2,550, but stray deals reported in the Punjab lint were done above them.

Ready off-take was light totalling 1,500 bales, all from the central Punjab ginneries and done between Rs2,675 to Rs2,700 per maund.