KARACHI, Dec 31: Cotton prices on Wednesday remained stable around the overnight levels as spinners were not inclined to take even a technical breather amid fears of pressure on future ready supplies.

The strong rebound staged by the New York cotton futures during the last couple of sessions was another worrying factor for the spinners, which indicates the lint may not be that cheaper in the new year also, analysts said.

They said pent-up demand owing to Christmas holidays in the American and European markets will push prices further higher and the local market could show sympathetic increase.

However, unlike the last couple of sessions, prices did not show fresh rise as most of the deals were done around the overnight levels depending on the quality of lint in trade.

According to spinners, although world prices of textiles are still not competitive, certain positive developments on the international textile front indicate that new year could be much better than the first half of the current fiscal.

“Reports that the TCP had already crossed the half a million bales, against its target of a million bales, which in turn could heat up the market is now expected to go slow to keep prices within the current range,” some dealers said.

They said much of the future direction will depend on the new year mill buying in the backdrop of world prices but some others said the final crop figures will set the future market trend.

Official spot rates were, therefore, firmly held at the last close of Rs3,125 per muand, although fine lots were traded higher.

New York cotton futures on the other hand posted a sharp rise of 1.72 and 1.61 cents per lb at 47.97 and 48.21 for both the ruling March and the distant May contracts, respectively.

The following are some of the deals finalized on Wednesday evening:

SINDH TYPE: 1,600 bales, upper Sindh, at Rs3,150 to 3,200, 400 bales, Shahdadpur at Rs3,000.

PUNJAB VARIETY: 1,200 bales, Yazman, 600 bales, Ahmedpur, 1,000 bales, Alipur, 400 bales, Chichawatni, at Rs3,200, 1,600 bales, Rajanpur at 1,000 bales, each Sadiqabad and Liaquatpur and 200 bales, Lodhran at Rs3,100, 400 bales, Jhang at Rs3,050,1,000 bales, Haroonabad and 400 bales, Bahawalpur at Rs3,040.