KARACHI, Feb 16: Mill buying on Friday maintained on the higher side as leading textile groups continued to build-up long positions at the prevailing prices.

But unlike the previous sessions, the major spinner thrust was on the low-mic lots, some of which were traded as low as Rs2,250 per maund, brokers said.

However, activity on the fine counter remained a bit slow as ginners from the upper Sindh and southern Punjab were not inclined to lower their asking prices. Stray fine lots did change hands around Rs2,600 but no deal touched the high limit of Rs2,625, they added.

Analysts attributed the current active mill buying partly to fears of price flare-up in the backdrop of rebound staged by the New York cotton futures on the revival of foreign buying.

But spinners said problems on the export front owing to a tough competition and higher local lint prices were some of the factors which had forced them to curtail daily offtake.

“We are faced with two problems of lower prices being offered by the textile importers and a short crop, which is keeping prices on the higher side,” says a leading spinner.

Official spot rates were, however, firmly held at the last level of Rs2,525 per maund in line with the average rates at which ready business was being transacted.

New York cotton futures on the other hand recovered by 1.89 and 0.48 cents at 53.65 and 52.23 cents per lb for both the maturing March and the distant May settlements respectively.

Mill ready offtake was moderately active as 10,000 bales changed hands, the following being some of the notable deals:

SINDH TYPE: 2,000 bales, upper Sindh at Rs2,565-2,600, 1,000 bales each Dadu and Shahdadpur at Rs2,435 and Rs2,475-2,575 and 800 bales, New Saeedabad at Rs2,400.