KARACHI, Sept 3: Steady conditions were witnessed on the cotton market on Monday as spinners lifted all the lots offered below Rs3,000 per maund, notably from the Sindh ginneries.

But lint from the central Punjab cotton belt was a bit expensive as ginners raised their asking prices by Rs25 per maund and most of the deals were finalised at Rs2,950 to Rs3,000.

However, ginners ruled out the possibility of further fall in prices as growers had again raised prices of phutti by Rs50 per 40 kg both in the Sindh and the Punjab cotton belts, floor brokers said.

Leading and progressive growers are holding onto their recently picked phutti anticipating fresh increase in prices which are currently hovering around Rs1,400 as against Rs1,500 in the last month, they added.

“Steep rise in New York cotton futures to well over 60 cents per lb for the forward December contract shows that the world markets have heated up and could influence the local market in due course,” cotton analysts said.

But much will depend on the buying strategy how spinners and mills cope with the issue of a short crop in not too friendly export market, they added.

Market sources said the future market trend would largely set after picking operations of phutti were resumed in the major growing areas of upper Sindh and southern Punjab.

Official spot rates were again held unchanged at Rs2,850 per maund but fine lots were traded at a bit higher price.

Mill ready off-take was active totalling about 10,000 bales as under:

SINDH TYPE: 1,000 bales, Shahdadpur and 1,500 bales Tando Adam at Rs2,850 to Rs2,870, 1,000 bales, Sanghar at Rs2,825 to Rs2,850, 600 bales, Khipro at Rs2,800 to Rs2,825, 400 bales, each Jhole and Shahpur Chakar at Rs2,850.

PUNJAB VARIETY: 800 bales, each Burewala and Sahiwal at Rs2,950 to Rs3,000, 400 bales, Chishtian at Rs2,975, 400 bales, Pakpattan at Rs2,950 to Rs2,975 and 400 bales, Khanewal at Rs2,975.