KARACHI, Feb 8: Cotton market on Friday passed through another dull trading session as spinners were eyeing the Indian lint, which is claimed to be imported at a bit lower rates as compared to the local benchmark prices.

The Indian lint is said to be of short staple and is expected to be used for blending purposes after mixing it with the local fine type to produce fine cloth and yarn for the export markets, floor brokers said.

Although there is demand for fine local stuff from upper Sindh and southern Punjab cotton belts and stray lots are changing hands daily at around Rs3,300 per maund, they said.

They said small ginners, who had been holding stray lots for the last couple of weeks amid hopes of better price are now selling in part as prices did not rise as speculated by them.

Market talk that the total production could be 11 million bales plus also worried those who are inclined to clear their unsold positions at the current levels of Rs3,200 or slightly above depending on the quality of lint, some others said.

“But the cotton trade is most tricky one and no one could precisely predict about the future price trend,” said a leading ginner, adding: “The current season is just two months away and we have decided to hold on to our unsold positions despite financial risks.”

Stray lots, however, did change hands as some of the spinners and mills are relying on the local stuff and cover positions on a modest scale in an effort not to fuel price flare-up, market sources said.

As a result, official spot rates were again firmly held at the last level of Rs3,150, while in the ready section some of the deals were done according to quality.

New York cotton futures, on the other hand, fell by 0.26 and 0.42 cents per lb at 68.41 and 70.14 for both the maturing March and forward May settlements, respectively.

Ready business was light totaling about 2,500 bales, as under: 1,200 bales, Sadiqabad at Rs3,250 to 3,300, 400 bales and 500 bales, Liaquatpur and Rahimyar Khan at 3,150.