KARACHI, Sept 21: Cotton market on Friday maintained uppish leaning as spinners and mills were not inclined to take even a technical breather and lifted all the lots offered by the ginners.

As a result, late in the evening about 20,000 bales both from the Sindh and the Punjab ginneries were changed hands at an average rate of Rs2,900 per maund, which apparently was in line with the parity levels of both the ginners and the spinners, market sources said.

But some of the leading brokers said about 50,000 to 60,000 bales business was being transacted daily in the entire cotton belt as spinners and mills were not inclined to miss the easy supply of lint at a competitive rates.

Ginners were also in no mood to hold long unsold positions amid conflicting reports about the size of the crop, which in their opinion could work on both sides of the fence, floor brokers said.

“The cotton trade appears to be in a state of confusion at this stage as no one is clear about the size of the crop despite the fact that ginneries are being flooded with the phutti,” they added.

However, the interesting feature of cotton trading was that both the Sindh and the Punjab types known for fine quality were being sold at the same rate this season, market sources said.

Official spot rates were firmly held at the last level of Rs2,800 per maund but most of the deals in the ready section were done at much higher rates.

New York cotton futures on the other hand rose by 0.87 and 0.95 cents at 62.20 and 64.87 cents per lb for both the ruling October and the distant December contracts respectively.

The following deals were reported by the brokers on Friday evening:

SINDH TYPE: 1,000 bales, each Tando Adam, Nawabshah, Sanghar, 2,000 bales each Shahdadpur and Mirpurkhas, 400 bales each Sarhari, Daur and 600 bales, Shahpur Chakar at Rs2,900.