KARACHI, Oct 27: The post-holiday trading session on the cotton market was insipid as buyers and sellers remained busy in exchanging eid greetings rather than indulging in physical business.Floor brokers said normal activity was expected to resume by next Monday as by that time delivery problems would be over as cargo haulers would start lifting consignments at the pre-eid rates.

However, some of the spinners and mills holding short stock positions were a bit worried over the extended holidays and the absence of sellers from the ready market, they said.

But, they ruled out the possibility of any major change in the prevailing prices as pent-up mill demand would figure prominently and could keep them around the current levels.

Reports reaching here from the cotton belt indicate that phutti prices are stable around Rs1,100 to Rs1,125 per 40 kg for the last couple of days and growers are not holding on to their unsold stocks.

The crop in the Punjab cotton belt is expected to be 10 per cent higher than the comparable figure last season.

That is perhaps why it is widely speculated the there may not be any major change in the future price outlook in the coming weeks despite a short crop in Sindh.

Some ginners, however, said phutti prices could ease from the current levels as growers are expected to flood the ginneries with post-eid holiday picking and larger than expected arrivals could have negative impact both on the phutti and lint prices.

They said the current rise to above 50 cent per lb in New York cotton futures reflects the heating of the foreign markets, which in turn would impact the local prices.

After having fallen to below the 50-cent per lb mark at 48.25 cents, the ruling December contract rose by 0.68 and at 50.60 and the forward March by 0.65 cents to 53.64 cents per lb.

There was, however, no change in the official spot rates, which were held unchanged at Rs2,375 per maund.

Ready business remained at a low ebb as till late in the evening no deal was reported by the brokers.