KARACHI, Nov 25: Cotton market on Monday resumed trading on a firm note as prices remained stable at the weekend levels amid an actively traded session thanks to strong presence of buyers.

Bulk of the business was finalized between Rs2,025 on lower side and Rs2,125 per maund on the higher side, reflecting a wide difference of Rs100 in the quality of lint in trade.

Bulk of the demand again remained confined to the Punjab variety, while central Sindh short staple lint is virtually neglected for the last couple of sessions despite its lower rates.

Unlike the previous seasons when spinners enter and exit the market at will, they are not inclined to leave the arena for a single day even on technical grounds as no one among them is in a mood to miss a single quality lot at the current level.

It is interesting to note that big-lot business has become the hallmark of cotton trading for the last about six weeks, the notable feature is that it is not followed by a price flare-up.

The daily average mill intake has risen to about 40,000 bales, which is claimed to be a new record as compared to last couple of year’s figures when spinners offtake depended on the price outlook and their export parity levels. “There is a judicious balance between the supply and demand, which in turn ensures a level playing field for all the players”, one broker said.

He said the grower who has been holding the key to cotton trade earlier in the season has loosened his grip on the prices as weaker links among them have flooded the ginneries with their stocks at the lower levels.

Phutti prices have now declined to Rs918 and Rs928 per 40-kg depending on quality, upsetting growers perceptions of pushing them to the level of Rs1,000 per maund.

Official spot rates were further marked up by Rs10 to Rs2,050 per maund but in physical trading most of the deals were done well above them.

Ready business was on the higher side totalling about 25,000 bales, the following being some of the notable deals:

SINDH VARIETY: 1,000 bales, Khairpur at Rs2,965.