KARACHI, Sept 29: Trading on the cotton market on Thursday was maintained on the higher side as spinners and mills continued to build up long positions at the current levels.

Much of the activity, however, again remained confined to the central Sindh short staple variety because of its better quality as compared to its counterpart in the Punjab cotton belt, brokers said.

Retail lots of not more than 200 bales are changing hand daily for the last about three weeks, as the spinners are not inclined to go beyond it according to their blending requirements or export commitments, they added.

It is interesting to note that prices are stable below Rs2,200 for the Sindh variety and around this level for the Punjab type depending on the quality of lint in trading.

Floor brokers said the spinners and mills were watching the international price situation as shortage in the US crop could have a positive impact on the global basis and Pakistani growers could hardly be an exception.

But ginners said the future price outlook would be guided by the production figures and if they were short, prices would rise and if otherwise they would fall further from the current levels.

“The arrival figures for the fortnight ending Sept 30 are just a couple of days away,” they said. ”Unlike the previous fortnight when some of the leading growers held back their stocks of phutti, the arrivals will be normal and could influence prices either-way.”

Last fortnight arrivals were below a half of the comparable figure last year but did not effect any significant change in prices in the ready section despite increase in mill demand, they said.

Official spot rates were again quoted unchanged at the last levels, although most of the deals were done well above them both in Sindh and Punjab varieties.

Ready mill offtake was active totalling about 8,000 bales as under:

SINDH TYPE: 1,000 bales, each Shahdadpur and Nawabshah at Rs2,175; 500 bales, Sakrand, 400 bales, Tando Adam, also at this rate; 400 bales, Nayabad at Rs2,150; and 1,400 bales, Mirpurkhas at Rs2,140 to Rs2,150.