KARACHI, Dec 13: Cotton market on Thursday maintained a firm outlook as official spot rates were held unchanged amid a briskly traded session. Over 15,000 bales changed hands for spot delivery at an average rate of Rs3,100 depending on the quality of lint in trade although some of the deals were finalised at Rs3,125 per maund.

Floor brokers said the government’s permission for importing a sizable quantity of lint cotton from India through overland route to meet the local crop shortfall did not have any immediate negative impact on the prices.

“The local prices are following the trend on the New York Cotton Exchange as the ruling March contract is firm over 65 cents per lb,” they said, adding “this makes import a bit expensive as compared to the local rates”. The New York ruling March and the forward May contracts were quoted at 65.25 and 66.84 cents per lb, respectively.

They said despite higher crop in India and the US, latest world surveys revealed that the demand may outstrip supplies by a big margin and that may keep prices on the higher side.

That is perhaps why spinners and mills are not inclined to take even a technical breather and continue to build up long positions even on the rising prices, they added.

The future price outlook on the local market is expected to be set by the phutti arrivals for the fortnight ending Dec 15 during next couple of sessions, they added.

Official spot rates for an average quality of lint were again quoted unchanged at Rs3,000 per maund.

Ready business was maintained on the higher side totalling over 15,000 bales, the following being some of the notable deals.

SINDH VARIETY: 800 bales, Dadu at Rs3,025 and 400 bales, Shahdadpur at Rs3,000 to Rs3,025.