KARACHI, June 27: Cotton prices on Monday were revised upward by Rs25 per maund as ginners raised their asking prices apparently taking cue from the international markets. After several lean sessions, about 500 bales were sold on Karachi delivery basis at Rs2,400 and Rs2,500 per maund as ginners were not inclined to sell stray unsold stocks lying with them below the selling rates of TCP in its recent auctions, brokers said.

Moreover, higher New York cotton futures, well above the 50 cents per lb mark is also considered a bullish factor, leading to a fresh price flare-up before the arrival of the new crop from the lower Sindh cotton belt, possibly by the end of the next month or early August, they said.

Some of the spinners had already made forward deals for the new crop with the lower Sindh ginners around Rs2,400 per maund for delivery by the middle of the next month or early August.

According to reports reaching here picking operations in some parts of the lower Sindh cotton belt have already been resumed and modest quantity of phutti is reaching the ginneries and some of the ginners are expected to honour their commitments well in time.

However, one thing is clear that unlike the earlier seasonal perception of lower lint prices, new crop may be a bit expensive as consumption is expected to outstrip the production by a fair margin, according to latest world crop projections.

“The post-WTO textile trade is expected to raise some more questions relating to supply and demand and price outlook”, textile sources said adding “all the sectors of textile economy, notably those adding value to the export products will be the chief beneficiary”.

Official spot rates for average quality lint were upped by Rs25 at Rs2,300 per maund after several lean sessions in line with the stray ready off-take.

Ready business was light totalling 500 bales as under: 400 bales, various stations at Rs2,400 per maund, Karachi delivery, which means minus Rs50 per maund being upcountry expenses, and 100 bales, Sahiwal at Rs2,500.