KARACHI, Feb 1: Trading activity on the cotton market remained slow as spinners were not inclined to make fresh commitments apparently awaiting release of arrival figures of phutti for the fortnight ended Jan 31.

Some of the local spinners covered their forward positions, although their target was low-mix lots from the central Sindh and Punjab ginneries, brokers said.

After several lean sessions about 5,000 bales changed hands around an average rate of Rs2,500 but ginners were not inclined to lower their prices for the fine lots, which are being quoted above Rs2,600 per maund.

“The go slow by the spinners and mills reflects that no one among them is in a hurry and enters and leaves the market according to their choice,” he said, “This reflects they are pretty sure about the revised crop size, which is expected to meet their immediate needs.”

However, news from the world cotton markets, notably New York futures market worry some of the leading spinners and mills who have to import more lint to see the current year through, he said.

“The foreign lint is becoming expensive each day owing to rebound staged by the New York cotton futures,” says a leading spinner adding ”which has a chain bullish impact elsewhere on the cotton markets.”

Official spot rates were again held unchanged at Rs2,550 per maund in the absence of active ready business.

Ready business was modest totaling about 4,000 bales as under: 3,000 bales, Chishtian at Rs2,525 and 550 bales, Shahdadpur at 2,450.