KARACHI, Jan 16: Cotton market on Wednesday maintained a firm outlook as prices remained stable around the previous levels amid a modestly traded session.

Bulk of the business was finalised between Rs3,215 and 3,350 per maund, but some of the fine lots were again traded as higher as Rs3,400 per maund, notably from the southern Punjab ginneries, which are known for producing contamination-free lint.

Floor brokers said prices are stable around the previous levels for the last couple of sessions as spinners and mills regularised their daily intake rather than indulging in speculative buying.

“A leading cartel of spinners and mills seems to have decided to go by the rules of the game compatible with a short crop,” said a leading broker, adding “they are not inclined to go beyond their export parity levels or abide by rules set by it for the daily intake.”

That is perhaps why that speculative price flare-up witnessed some weeks earlier is not visible in daily trading, which benefits both the buyer and the seller.

The other factor, which slowed down mill buying, was report of steady arrival of imported stuff against the forward deals signed by spinners and mills some months back, market sources said.

An idea of arrival of the imported consignments may well be had from the fact that during the month of December, about 0.325 million bales had arrived in the godowns of the local textile industry, according to official figures.

Official spot rates for average quality of lint were again held unchanged at the previous level of Rs3,200 per maund.

About 15,000 bales, changed hands in the ready section. The following being some of the notable deals:

SINDH VARIETY: 1,000 bales, Khipro at Rs3,300 and 1,000 bales Sanghar at 3,250 to 3,300.