KARACHI, Aug 11: Cotton prices maintained the upward drive on Saturday and were quoted further higher by Rs50 per maund but spinners were not inclined to make bigger commitments in view of their export parity problems.

Leading spinners and mills have requested the prime minister and commerce minister to allow import of half a million bales from India via overland route on an emergency basis to save the textile industry from a total collapse, said a leading cotton broker Naseem Usman.

He said the crop losses could be supplemented through imports and Indian lint was available at competitive rates as compared to other countries.

The request was made after lint prices in physical trading both in Central Sindh and Punjab cotton belts were finalised at Rs3,450 and Rs3,500 per maund amid speculations that the prices may rise to a new all-time peak level.

But on the other hand phutti rates in the central Punjab cotton belt had already touched record Rs1,700 per 40 kg as some of the ginners lifted bulk quantities on the perception that the hike would be passed on to the spinners.

“Our chief worry is to keep the wheel moving,” said a leading ginner, adding “the rate of phutti may rise further as the growers are holding on to their unsold stocks to keep prices on the higher side”.

According to market sources some of the textile mills were closed down, while others were partially operating in the hope that supply position will improve.

Spinners said their losses were multiplying as prices of end-products, notably cotton yarn were not showing a proportionate increase as ancillary industry was also facing crisis-like situation because problems on the export front.

Owing to higher asking prices by the ginners, ready offtake remained slow totalling about 1,500 bales most of the deals were done between Rs3,400 to Rs3,450 for both Sindh and Punjab lint, respectively.