KARACHI, Oct 31: Brisk trading was witnessed on the cotton market on Wednesday as spinners and mills continued to build-up long positions, even at the rising prices, aided apparently by three per cent mark-up subsidy by the central bank for the textile sector.Both lint and phutti prices are likely to hit new all-time peaks as speculative forces are out to disturb the normal trading pattern after having spread conflicting rumours about the crop size aiding the market to maintain its bullish heat, analysts said.

“The arrival figures of phutti for the fortnight ended Oct 31 are due during the next couple of sessions, which are expected to be again on the higher side which may end the current speculative run,” they added. Nobody will dispute the fact that the crop may be below the target but the shortfall may not be that sharp as being speculated by some of the vested quarters.

Ginners who have much better idea of actual crop size are silent on the issue and are not complaining about the higher prices of phutti which is now being sold around Rs1,600 per 40 kg.

Well over 40,000 bales changed hands from the Sindh and the Punjab cotton belts at between Rs3,075 to Rs3,200 on quality based mill buying.

Floor brokers said unlike the previous sessions, Punjab lint was sold at a premium of Rs100 to Rs125 per maund over its central Sindh counterpart.

Official spot rates were revised upward by Rs25 per maund but on the other hand New York cotton futures reacted from the recent high by 0.90 and 0.62 cents per lb at 63.87 and 68.58 for both the ruling December and the distant March contracts respectively.

The following notable deals were done in the ready section on Wednesday.

SINDH VARIETY: 1,000 bales, each Mirpurkhas, Hyderabad, Kotai1, 600 bales, Shahdadpur, 2,000 bales, Sanghar, 800 bales each, Tando Adam Shahpur Chakar and Khipro, at Rs3,075 to Rs3,100.