KARACHI, June 23: Cotton prices on Thursday showed an upward tendency apparently in sympathy with the global markets as some of the ginners raised their asking prices above Rs8,700 per maund.

Floor brokers said steep rise in the New York ruling July cotton futures for the second session in a row had sent bullish signals worldwide and the local spinners seemed to have acted accordingly.

However, the rise was modest but they feared it could significantly change the local ruling price trend in the coming sessions if the speculative run-up continued.

The ruling July delivery was quoted higher by another 6.49 cents per lb at 161.22 cents, but its forward counterpart was marked down by 2.11 cents at 128.22 cents per lb.

Market sources said spinners and mills feared that the current year may also be difficult for them as far as cheaper supplies were concerned as the current speculative run on the New York cotton futures worried them.

“Last season’s memories are still afresh when the New York ruling contract hit an all-time high of 214-cent per lb, pushing the local lint and phutti prices to Rs14,000 and Rs6,000 per maund, respectively,” said a spinner.

Already local prices are heading toward the high mark of Rs9,000 per maund and whether or not higher production estimates stabilise them at competitive level is anybody’s guess, he added.

Official spot rates were firmly held at the overnight close of Rs8,500 per maund for an average quality lint but most of the deals in the ready section were done well above them.

The following are some of the deals reported by the Karachi Brokers’ Forum on Thursday: 200 bales, Haroonabad at Rs8,500 and Rs8,750, 200 bales, Sadiqabad at Rs8,700, 200 bales, Kehror Pacca at Rs8,550 and 200 bales, Burewala at 8,775.