KARACHI, Nov 3: Cotton market on Friday maintained a firm outlook as spinners continued to build-up long positions at the current levels.

“We are buyers of any number of lots below Rs2,400 per maund and slightly above premium ones,” says a leading spinner, adding “news from the textile export front are not that encouraging but we have to keep the wheels moving”.

Spinners said foreign demand for the textiles as a whole was not picking up partly because of year-end considerations and partly to cheaper brands from the major competitors including China, India and Bangladesh.

The export market is expected to show a considerable improvement early next year and spinners hope to recover some of the losses suffered by them during the first half of the current season.

Despite conflicting reports about the crop, indications are that prices will remain stable around the current levels, which in turn could enhance competitiveness of spinners in the foreign markets, analysts said.

The panic buying being made by the spinners and mills reflects that no one among them is inclined to stay on the sidelines before a good part of their annual consumption needs is met, they added.

However, it goes to the credit of ginners who are not holding back lint stocks and pass on the price benefit if any to the spinners to boost textile exports, some others said.

It was in this background that official spot rates were firmly held at the last levels despite the fact that in ready section transactions were being made well above them.

New York cotton futures on the other hand rose by 0.40 and 0.45 cents for both the ruling December and the forward March contracts at 49.18 and 53.27 cents per lb respectively.

Ready business was maintained on the higher side totalling well over 25,000 bales, the following being some of the notable deals.

SINDH VARIETY: 1,000 bales, each Mirpurkhas and Shahdadpur at Rs2,350 to Rs2,375, 1,200 bales and Dadu at Rs2,350.