KARACHI, Feb 14: Cotton market on Saturday lacked normal support after ginners again raised their asking prices but spinners and mills were not inclined to buy at the higher rates apparently eyeing fresh developments on the world trading centres.

As a result, ready business shrank further to about 5,000 bales, mostly from the Punjab ginneries as some of the leading mills needing fine lots lifted stray lots, while Sindh type was neglected.

Floor brokers said the current turmoil on the world markets after the reports of well over 8.5 per cent decrease in world demand for lint during the current fiscal year was said to be the chief factor behind the absence of spinners and mills from the active market.

The general perception among the spinners and shared by cotton analysts is that the local prices would also fall in line with international rates despite a short local crop, they said.

They based their assessment on the assumption that a good number of leading spinners and mills will opt for foreign stuff if

it is competitive leading to the fall in prices.

But the falling daily turnover reflects that ginners are not worried over the steep decline in New York cotton futures, considered as the market trend-setter the world over and firmly holding on to their unsold positions, they added.

Meanwhile, spinners and mills are probing the world markets after the current six cents per lb fall in New York cotton futures through international agents in India, US and Brazil and may opt for more imports around 45 cents or below per lb.

Most of the leading mills and spinners had already imported well over a million bales of lint from various sources up to Dec 31, 2008.

New York cotton futures remained under pressure for the sixth session in a row and were quoted further lower by 1 and 1.25 cents per lb at 44.03 and 45.22 cents for both the maturing March and the ruling May contracts, respectively.

Local official spot rates on the other hand were again firmly held at the overnight closing of Rs3,400 per maund.

The following are some of the deals reported by the Karachi Brokers Forum, all from the Punjab ginneries as under:

1,000 bales, Sadiqabad at Rs3,385, 1,000 bales, Fazilpur at Rs3,400, 400 bales, Noorpur at Rs3,325, 400 bales Bahawalpur at Rs3,400 and 400 bales, Fazilpur at Rs3,350.