KARACHI, Aug 16: Cotton market on Wednesday showed firm trend as ginners raised their asking prices owing to pressure on ready supplies in the backdrop of fresh rain in the central Sindh cotton belt.

The new crop lint from the Sindh ginneries, which came on the official trading board on Tuesday, was quoted higher by Rs25 per maund as picking operations of phutti remained suspended in most of the cotton growing areas, ginners said.

“The cotton fields where the picking of phutti was delayed because of fresh rain spell would take some more days to dry up,” they said, adding “the arrivals of phutti into the lower Sindh ginneries are virtually at a standstill so far”.

Reports of damage to standing crop because of excessive rain water was said to be another factor contributing to the price flare-up, they added.

Indications are that lint prices may remain stable around the current levels despite big-showing of the pent-up demand in the post-rain trading sessions based on supply and demand factors, market sources said.

Meanwhile, reports reaching here from the central cotton belt where ginning operations are said to be in full swing, prices are erratic apparently based on quality factors.

Floor brokers claim a gap of Rs50 per maund in fine and inferior lots but others said some of the ginners whose holding power is not that strong are selling their stocks on ready basis.

However, local new crop prices are stable and are not influenced by the erratic movements in the New York cotton futures for the last couple of sessions, on reports of higher crop ideas.

Official spot rates were, therefore, quoted around the overnight level of Rs2,450 but in the ready section some of the deals were done above them.

Ready off-take remained on the lower side totalling 500 bales of Sanghar done at Rs2,475 per maund.