KARACHI, Dec 2: Cotton market on Tuesday showed firm trend as prices were quoted higher by Rs50 per maund as spinners and mills continued to build up strong positions against their forward sales of textiles.

While inferior types from the central Sindh cotton belt were traded around Rs2,800 per maund, fine varieties from the upper Sindh and southern Punjab were not available below Rs3,050 per maund.

Floor brokers said the entry of the TCP as a second buyer has given the much-needed support to the ginners and growers who were a bit jittery owing to larger unsold stocks lying in their ginneries.

An increase of Rs50 per maund has reinforced their future price perceptions mostly on the higher side amid hopes that market may remain steady in the weeks to come also, they hoped.

But on the other hand, near-panic buying by the spinners and mills leading to big-lot business reflects that fears of further increase in prices in the coming days worried them, they said.

However, a wave of optimism prevailed among ginners on the perception that fine lots of lint, notably contamination-free will fetch a fair price after the TCP entry, some others said.

Analysts said ginners ignored the either way movement of the New York cotton futures and based their future price options on the supply and demand factors but there was no panic among them about the arrival figures for the fortnight ended Dec 1, unofficially placed around 9m bales.

New York cotton futures were quoted lower by 0.64 and 0.88 cents per lb at 45.11 and 47.03 for both the ruling December and the forward March contracts, respectively.

Local official spot rates were revised upward by Rs50 per maund at Rs3,000 per maund in line with those at which business was being transacted.

The following were some of the notable deals in the ready section late on Tuesday evening:

SINDH TYPE: 1,000 bales, uppers Sindh at Rs3,000, 800 bales, each Mirpurkhas and Shahdadpur, 600 bales, each Sanghar and Dadu, Shahdadpur Chakkar and, 500 bales, Khipro at Rs2,800 each.

PUNJAB VARIETY: 3,400 bales, Rahimyar Khan and 1,000 bales Sadiqabad and 600 bales, Shehr Sultan at Rs3,050, 2,000 and 2,400 bales, Ahmedpur East, Ghazi Ghat at Rs3,000 to RS3,050, 1,000 bales, each Bahawalpur and Uch Sharif, 400 bales, Khanpur, 800 bales, each DG Khan, Rajanpur and Shadan Lund at Rs3,000, 600 bales, Khanewal at Rs3,025.