KARACHI, April 10: Cotton market on Tuesday maintained a firm trend as ginners did not lower their asking prices and held on to their unsold positions hoping apparently fresh increase in prices.

Stray fine lots did, however, change hands around the seasonal highs of Rs2,800 per maund, while some low-mic ones also traded modestly lower from the peak levels, floor brokers said.

However, some odd lots of inferior stuff being held by some of the upper Sindh and central Punjab ginners were available around Rs2,700 per maund, they added.

“The persistent fall in the New York cotton futures during the last couple of sessions amid reports of falling demand from the major users has raised hopes of fresh imports of lint from various sources,” says a leading spinner who had already made forward deals for a substantial quantity of lint.

New York cotton futures on Monday fell sharply by 1.10 cents and 1.00 cents for both the ruling May and the forward July contracts at 51.81 and 53.65 cents per lb respectively.

“But we have to maintain a balance between our future needs and ruling prices after re-entering the foreign markets,” they said, adding “any panic buying could again push world prices higher”.

Most spinners believe the supply situation is progressively tilting in their favour and could eventually lead them to neutralise the negative fallout of the local short crop and higher prices, some others said.

Official spot rates were, therefore, again firmly held at the overnight level of Rs2,725 per maund, although in the ready section some of the deals were done well above them.

The following were notable deals: 800 bales, upper Sindh at Rs2,7350, 1,000 bales, each Rahimyar Khan and Khanpur and 500 bales, from mill to mill at Rs2,800.