KARACHI, Dec 17: Another active session was witnessed on the cotton market on Wednesday as spinners and mills continued to build-up long positions at the prevailing prices claimed to be in line with their export parity levels.

“With New York March contract stable above 44 cents per lb for the last couple of sessions, spinners seemed to be in no mood to take even a calculated risk of possible price flare-up,” said a leading broker, adding, “the current brisk mill buying and covering operations reflect this perception.”

Ginners are said to be also happy to sell their unsold stocks around Rs2,900 for the fine types after having purchased phutti from growers at an average rate of Rs1,500 per maund during the last couple of weeks.

But ginners may not be in a position to push prices at the early season level of Rs4,000 per maund as the ground realities have changed in the backdrop of world recession and falling demand of textiles, analysts said.

Spinners hope major changes on the export front after the US interest cut to zero, which is expected to range between zero and 0.25.The general perception is that it would stimulate business activity, including demand for textiles in the coming months. That is perhaps why that post-Eid sessions witnessed near-panic mill buying followed by large daily turnover, including some big-lot deals.

New York cotton futures on Wednesday were quoted lower by 0.02 cent for the ruling March at 44.14, while the forward May maintained its upward drive and ended higher by 0.28 cents at 44.89.

Local official spot rates were firmly held at the last levels, although fine lots were traded at the higher rate of Rs2,900 per maund.

The following are some of the notable deals in rupees per maund, which gone through in the ready section late on Wednesday evening.

SINDH TYPE: 1,800 bales, Mirpurkhas at Rs2,650 to 2,700, 600 bales, Dadu at 2,765 and 400 bales, 2,775, 800 bales, Shahdadpur at 2,750,and 300 bales, Hala at 2,800.

PUNJAB VARIETY: 1,600 bales, Liaquatpur at Rs2,900, 2,000 bales, Shadan Lund, 400 bales, Sadiqabad, 200 bales, Layyah, 600 bales, Kabirwala, 600 bales, Rahimyar Khan, 400 bales, Chani Goth, 600 bales, Rajanpur also at 2,900, 1,000 bales, DG Khan at 2,875 to 2,900, 400 bales, Bahawalpur and 200 bales, Yazman at 2,850.