KARACHI, Aug 28: Cotton market on Thursday maintained a bullish trend as spinners and mills continued to build up long positions at an average selling price of Rs4,150 per maund.

In physical trading bulk of the business was done higher by Rs25 to Rs50 per maund depending on the quality of lint, but the Sindh type was again sold at a premium as compared to its central Punjab counterpart, floor brokers said.

Both ginners and spinners appear to be a bit happy as mounting ready buying offers from the latter in line with their asking prices have saved them from high incident of backlog.

“All the partners in cotton trade are in haste as no one among them is inclined to awaiting further decline or rise in prices and is more than satisfied at the day’s tally,” market sources said.

According to them current prices suit to every one as was reflected by heavy ready mill intake amounting to about 30,000 bales daily.

They said the current rebound staged by the New York cotton futures was another aiding factor behind the accelerated mill buying on the perception that imports were getting expensive each day.

After several lean sessions, New York cotton futures on Thursday rebounded by 1.18 and 1.17 cents per lb at 68.45 and 70.63 cents for both the ruling October and the distant December contracts respectively.

Official spot rates were also quoted further higher by Rs50 per maund at Rs4,125, but some of the deals in the ready section were done above them.

The following notable deals were finalised in the ready section on Thursday.

SINDH TYPE: 3,000 bales, each Shahdadpur and Tando Adam at Rs4,125 to Rs4,175, 2,000 bales, Sanghar 600 bales, Jhole, 800 bales, Hala and 400 bales, Shahpur Chakkar at Rs4,150, 1,000 bales, Mirpurkhas at Rs4,100 to Rs4,125, 600 bales, 400 bales, Hyderabad and 200 bales, Nawabshah at Rs4,125.

PUNJAB VARIETY: 1,000 bales, Burewala, at Rs4,075 to Rs4,125, 1,000 bales, Chichawatni at Rs4,100 to Rs4,125, 1,000 bales, Pak Pattan, at Rs4,090 to Rs4,100, 1,000 bales, Mian Channu at Rs4,100 to Rs4,125, 600 bales, 200 each Murid Wala and Gojra at Rs4,100, 200 bales, each Mungi Bungalow and Khanpur at Rs4,050 and Rs4,075.