KARACHI, Oct 9: Brisk trading was again witnessed on the cotton market on Monday as spinners and mills continued to build up long positions at the current levels, which dealers said, conformed to their export parity levels.

About another 15,000 bales including some big lots changes hand between Rs2,350 and 2,425 per maund for the Sindh type and Rs2,385 and Rs2,425 for the Punjab variety depending on the quality of lint in trade, dealers said.

They said panic selling continued from the ginners who were a bit shaky for unknown reasons and were not inclined to hold on long positions as the arrivals of phutti remained on the higher side.

“There are conflicting reports about the current panic among the growers and the ginners, but no one among them is clear how to react to the changing scenario at the beginning of the season,” says a leading ginner.

Some say it was the quality premiums, notably in the Punjab lint, which is behind the lower prices and hasty selling by the ginners. But some others said it was the higher crop ideas in the Punjab, which was depressing prices lower.

However, higher daily volumes and a fall in prices reflect that the Punjab cotton belt is expected to surpass its production target, and the shortage if any would be in the Sindh cotton belt owing to a damage to the crop because of late rain.

Official spot rates were, however, held unchanged at the last level of Rs2,425 per maund but in the ready section most of the deals were below them.

Ready offtake was on the higher side totalling over 15,000 bales, the following being notable among them:

SINDH TYPE: 1,000 bales, Shahdadpur at Rs2,400 to Rs2,425; 800 bales, Tando Ghulam Muhammad at Rs2,400 to Rs2,415; 800 bales, Sanghar at Rs2,375 to Rs2,400; 400 bales, Qazi Ahmed at Rs2,350 to Rs2,375; and 200 bales, Mirpurkhas at Rs2,400.