KARACHI, Jan 14: Trading on the cotton market on Monday resumed on a firm note as spinners remained active buyers around the current levels amid an actively traded session.

There was, however, no immediate bullish impact on the local prices in the backdrop of major changes in world cotton markets after the New York cotton futures soared well above the limit gains late last week, floor brokers said.

The May contract was quoted around 72 cent per lb, which was said to be 15-year peak level after late 80s boom conditions based on global shortage of cotton in the leading producing countries.

But the local market is expected to react in a bullish mood, in due course, if there is fresh price flare-up on the New York Cotton Exchange as pressure on local supply of lint will be more aggressive, they added.

They said the ruling prices are said to be well within the export parity levels, spinners and mills remained active buyers and lifted most of the lots offered by the ginners below Rs3,400 per maund for an average quality lint.

It goes to the credit of spinners and mills to contain prices below Rs3,400 per maund apparently after regulating their daily intake as a short crop of about 10m bales would have caused successive price flare-ups during the last couple of weeks, market source said.

Unlike the previous sessions when big-lot business of the hallmark of trading, retail lots also changed hands reflecting the re–entry of some weak links to the textile industry, they added.

Official spot rates were firmly held at the weekend level at Rs3,00 per maund for average quality lint but fine varieties were quoted much higher rates.

Mills ready offtake was active totaling about 20,000 bales as under:

SINDH VARIETY: 5,000 bales, upper Sindh at Rs3,350 to 3,400,600 bales, Dadu at 3,275, and 400 bales, each Tharo Shah and Daulatpur at 3,265 and 3,250, respectively.