KARACHI, Jan 27: Subdued trading activity witnessed on the cotton market on Friday as spinners and ginners remained locked in price war amid a no-win situation.

“Ginners may not be at receiving end at this stage as they have still to go a long way to hold the prices,” said a leading cotton analyst and added,” they are in a balancing position between higher supplies and rising mill demand”.

But for the time being both were awaiting fixing of official procurement price at which the TCP would re-enter the market, they said and added that determining the future price line would depend on the holding capacity of the ginners.

However, unsettled global markets, notably the New York cotton futures which failed to touch the target of 100-cent per lb despite several attempts and that factor may work against the local ginners during the next couple of weeks, some others said.

The fall in mill ready intake to a modest total of only 5,000 bales against average 25,000 bales during the last couple of months tells a different story.

The New York cotton futures on Friday were quoted further lower by 1.33 and 1.32 cents per lb at 95.59 and 96.04 cents for both the ruling March and the forward May contracts respectively.But on the other hand official spot rates for an average quality lint were again held unchanged at Rs5,800 per maund.

The following deals, mostly Punjab type were reported by the Karachi Brokers’ Forum on Friday: 1,000 bales, Rahimyar Khan at Rs5,750 to Rs5,800, 200 bales, Khanewal at Rs5,300, 400 bales, Multan at Rs5,400, 400 bales, Hala at Rs5,000, and 400 bales each Hasilpur and Fort Abbas at Rs5,500.