KARACHI, Nov 14: Brisk trading was again witnessed on the cotton market on Thursday as spinners were not inclined to take even a technical breather and continued their panic buying at the current levels.

Another 30,000 bales changed hands between Rs2,100 to 2,150 depending on quality and the station of origin in the Punjab cotton belt sending signals that current mill moping operations will be sustained during the next couple of sessions too.

“Without having a look at our inventories, we feel we are still short of the targeted stock at this time of the season”, says a leading spinner adding “as the prevailing prices are in line with export parity levels there is no harm to build-up long positions”.

The smaller partners of the big spinner groups and cartels are, however, claimed to be at a disadvantage as they are not in position to join the race of building up long positions at the current rates because of liquidity problems, one local spinner says.

“The current daily mill intake may still be below the normal figure at this time of the season, it is certainly picking up each day for the benefit of both the grower and the ginner”, brokers said.

The current mill scramble for the quality lint has certainly outwitted the exporters as leading among them are watching the cotton scene from the sidelines hoping for their chance to re-enter the market to cover their forward sales.

But market sources said owing to an erratic world prices, local exporters are playing a possessive role on the hopes the mid-season panic buying may end during the next couple of weeks allowing the market to settle down in response of supply and demand factors.

Foreign importers are also awaiting new developments on the local cotton front and are staying away hoping a modest decline in the prevailing prices after the size of the total Pakistan crop is clear.

Official spot rates remained stable at the previous levels, although in the ready section prices were quoted higher by Rs50 per maund depending on quality.

New York cotton futures on the other hand were further marked down by 0.22 and 0.25 cents per lb at 47.35 and 49.41 cents per lb for both the ruling December and the distant March settlements respectively.

Ready offtake was fairly brisk totalling about 30,000 bales as under:

SINDH TYPE: 200 bales, each Shahdadpur and Tando Adam at Rs1,935, 200 bales, Shahdadpur at Rs1,980, 400 bales, Daulatpur at Rs2,075, 1,000 bales each Gothki and Daharki at Rs2,150.