KARACHI, Jan 6: Cotton market on Thursday showed a steady trend amid brisk trading as pent-up mill demand figured in a big way and lifted all the lots offered by the ginners.But bulk of the business was quality-based as some fine lots were traded as higher as Rs10,000 per maund, while some other were sold between Rs9,300 to 9,500, floor brokers said, and added most of the lots traded were of retail nature and big lots were very few.

“After having awaited fall in prices for the last couple of sessions, spinners and mills resumed new year covering purchases at the ruling prices”, they said. “But prices remained stable below Rs10,000 per maund and did not show fresh increase”.

It is, however, pretty difficult to predict about the future price outlook at this stage as the New York cotton futures are still under speculative squeeze and had resumed their upward drive, they said.

Analysts said the fresh price flare-up in the New York cotton futures heats up global markets in sympathy elsewhere as speculative forces enter the markets as buyers.

The persistent increase in the New York cotton futures after the recent fall to 141 cents per lb has again sent bullish signals, which forced spinners to resume normal activity, they added.

New York cotton futures on Thursday were quoted higher by 1.42 cents and 2.22 cents per lb at 145.20 and 140.11 cents for both the ruling March and the forward May contracts, respectively.

Local official spot rates were, however, remained pegged at the last level of Rs9,700 per maund.

Mill ready off-take was on the higher side as till late in the evening about 15,000 bales changed hands as under: SINDH TYPE:

3,000 bales, upper Sindh at Rs9,800 to Rs9,900, 2,000 bales, Khairpur at Rs9,800, 1,000 bales, Mirpurkhas at Rs9,350 to Rs9,500, 400 bales, Shahadpur at Rs9,500, 200 bales, each Sarhari and Kotri and 600 bales, Nawabshah at Rs9,600. PUNJAB VARIETY:

600 and 400 bales, Kabirwala and D. G. Khan at Rs10,000, 2,400 bales, Rahimyar Khan at Rs9,800 to Rs9,900, 200, 400 and 600 bales, Chichawatni, Faqirwali, and Haroonabad at Rs9,500, 200 bales, ach Kehror Pakka, Khanewal and Tunas Sharif at Rs9,700, 800 bales, Rajanpur at Rs9,700 to Rs9,800, 800, 200 bales, each Bahawalpur, Burewala, Yazman, and Muhammadpur at Rs9,800.