KARACHI, March 19: Trading on the cotton market on Monday was fairly active as spinners and mills remained active buyers around the ginners’ asking prices. Unlike the weekend activity, some big-lot deals were finalised at the seasonal peak level of Rs2,700 per maund, reflecting that spinners are after each fine lot irrespective of the asking prices, floor brokers said.

Analysts said spinners and mills had started to feel the pinch of a short crop in the form of progressive rise in prices as their strategy to curtail daily intake to keep prices around Rs2,600 per maund had failed.

On the weekend session, most of the deals of inferior and fine lots were traded between Rs2,500 to Rs2,650 per maund depending on the quality of lint but the latest surge in prices showed pressure on ready supplies, they added.

They said it also showed that some positive developments on the export front as spinners and mills were out to grab the floating stock of fine lots even at the higher levels.

The notable feature was that some of the mills having surplus stocks of lint obliged to their trading partners needing immediate supplies after offering them stray lots on kind basis at Monday’s spot rate of Rs2,650, they said.

Official spot rates were further revised upward by Rs25 per maund at Rs2,600 per maund but most of the deals were done above them.

Ready business was maintained on the higher side as about 15,000 bales, mostly from the southern Punjab ginneries changed hands, the following being some of the notable deals: 6,965 bales, Rahimyar Khan at Rs2,600-2,650, 1,800 bales, Ahmedpur East and Rs2,000 bales, Khanpur at Rs2,700 and 1,000 bales, upper Sindh at Rs2,650.