KARACHI, Nov 3: Trading on the cotton market on Monday resumed on a steady note as spinners and mills continued to build up long positions at the current levels amid a briskly traded session.Ginners resumed accepting phutti from the growers, which was suspended during the last couple of sessions owing to massive load-shedding, after the ginning industry was exempted from power outages, floor brokers said.

About 25,000 bales including some big lots changed hands at an average rate of Rs3,100 per maund, although some fine lots were traded well above the official spot rates at Rs3,150 per maund, they said.

The price outlook appears to be on the higher side because of problems on the import front despite steep decline in the world prices that is perhaps why spinners are not inclined to take risk on the supply front leading to daily hectic business in the ready section, they said.

Spinners said world textile market was terribly unsettled owing to a number of financial problems, followed a considerable fall in demand of the leading importers.

As a result local inventories are building up as bulk of the sales are confined to the local consumers as foreign importers of textiles are still grappling with the recession before resuming normal activity, they said.

Much of the activity, however, again was confined to the local selling as spinners and mills remained active buyers at the current levels.

Official spot rates were held unchanged at the last levels of Rs3,125 but in the ready section most of the deals were quality-based.

The following are details of the mill ready offtake:

SINDH TYPE: 1,000 bales, Khairpur at Rs3,080 to Rs3,125, 1,000 bales, Shahdadpur and 400 bales, Tando Adam at Rs3,050, 1,000 bales, Sanghar at Rs3,000 to Rs3,050 and 400 bales, Sarhari at Rs3,000.

PUNJAB VARIETY: 2,000 bales, each Burewala and Shujabad at Rs3,000 to Rs3,100, 1,000 bales, each Rajanpur and Fazalpur at Rs3,125 to Rs3,150, 1,000 bales, each and Jalalpur Chichawatni at Rs3,100, 1,000 bales, Alipur at Rs3,125, 1,600 bales, Khanpur at Rs3,150, 600 bales, Vehari at Rs3,050 to Rs3,100, 400 bales, Ahmedpur at Rs3,150, 800 bales, Bahawalpur at Rs3,125, 600 bales, each Sahiwal and Kot Addu at Rs3,100 to Rs3,125.