KARACHI, Feb 15: The US aid package leading to a greater market access to the textile sector failed to enthuse spinners who preferred to keep to the sidelines rather than jumping on the bandwagon.

“The greater market access totalling $142m for the textiles from the next year appears to be an eyewash”, says a leading spinner who was expecting duty cuts and other incentives on the pattern of the European Union (EU).

He claims EU goodwill gesture aiming at compensating the Afghan war losses was more attractive, which could give the needed push to textile exports.

Spinners and mill owners who were expecting a big boost to exports were a bit disappointed over the package as far as the trade and industry is concerned and preferred to keep to the sidelines rather than making fresh commitments, dealers said.

However, full market reaction to the US supporting measures will be known during the next couple of sessions provided spinners resume normal buying operations.

The entry of the TCP not only forestalled further decline in prices but also supported the market as was reflected by a modest rise in rates but it failed to bail out the ginners from the impasse of larger unsold stocks.

“The TCP should opt for the quality lots, out of the unsold stocks of about 2 million bales instead of purchasing fresh stuff, being packed according to its export consignment standards”, cotton broker Naseem Usman said airing the view of worried ginners.

Some of the leading ginners also claim that quality of the newly processed lint may not be according to export specifications for obvious reasons and the TCP should survey the existing stocks to comb fine lots and that operation will give the needed push to both the market and the prices.

The TCP has still to go a long way to meet its target of a million bales and ginners expect a relief on this count also and that will be a real breakthrough for the market bailing out ginners from the agony of larger unsold stocks.

The market consolidated the overnight modest rise in the official spot rates but it was not fully reflected in the physical business.

Ready business was light barring a big forward deal of 5,000 bales, from a Khanpur ginnery at Rs1,675 followed by 200 bales, from Sanghar at Rs1,450.