KARACHI, Nov 7: Active trading was witnessed on the cotton market on Friday as spinners and mills were not inclined to take even a technical breather amid fears of an imminent price flare-up.

But persistent sharp fall in New York cotton futures for the last couple of sessions tells a different story, said a leading broker.

“The local market suffer sympathetic fall in the coming weeks owing to decline in export prices of the textiles,” he added.

That is perhaps why some analysts doubted the market’s ability to maintain the current run-up based on foreign exchange problems as the situation on the export front was expected to ease early next year and spinners may opt for cheaper imports of lint, some others said.

The New York cotton futures are heading to breach their next resistant mark of 40 cents per lb after having fallen by 33 cents from the seasonal peak of 75 cents per lb to 42.98 cents during the last two months making imports more attractive, they said.

Spinners and mills were, however, not inclined to sit on the sidelines and continued to make fresh commitments even at the rising prices despite a considerable decline in the export prices of textiles owing to recession in the major trading partners, market sources said.

The official spot rates were firmly held unchanged at the last level of Rs3,200, but some of the deals were done well above this rate.

New York cotton futures suffered fresh fall of 1.33 and 1.94 cents per lb for both the ruling December and the forward March contracts at 42.98 and 46.69 cents respectively.

The following are some of the notable deals reported in the ready section on Friday:

SINDH TYPE: 1,600 bales, Shadadpur at Rs3,100 to Rs3,150, 1,000 bales, Sanghar at Rs3,100 to Rs3,125, 400 bales, each Dadu and Mirpurkhas at Rs3,150.

PUNJAB VARIETY: 4,000 bales, Rajanpur, 1,000 bales, each Chingoth and Noorpur, 2,000 bales, Fazalpur, 2,200 bales, Khanpur, 2,000 bales, Rahimyar Khan, 1,400 bales, Khanewal, 500 bales, Ahmedpur East, 800 bales each Kassowal and Lodhran at Rs3,300, 1,000 bales, Janpur and 3,000 bales, Bahawalpur at Rs3,275 to Rs3,300, 1,000 bales, Jahania at Rs3,250, 800 Mian Channu at Rs3,225 and 200 bales, Gaggon at Rs3,200.