KARACHI, Jan 23: Cotton market on Monday hit the widely speculated price of Rs6,000 per maund and analysts said it could well be the beginning of its recent target of Rs7,000 in not a distant future.

They said ginners are awaiting fixation of support price at which the Trading Corporation of Pakistan (TCP) will start its procurement operations, possibly during the next couple of sessions.

Although average rate for fine lots both from upper Sindh and the central Punjab cotton belt was around Rs5,600 per maund, some fine lots from southern Punjab cotton belt were traded as higher as Rs6,000 per maund.

Floor brokers said some of the leading ginners holding bulk of fine lots, notably from the southern Punjab cotton belt, well known as a producer of contamination-free lint are reportedly eyeing the near-term goal of 6,500 per maund.

Owing to snap increase in prices, spinners curtailed their daily intake apparently awaiting fall in prices, they said and added, their ready intake was, therefore, on the lower side of the daily average.

The other factor, which could contribute to any price flare-up in future was the current speculative run on the New York cotton futures, which are heading to hit the high mark of 100 cents per lb, they said.

Meaanwhile, reports reaching here from ginneries indicate that growers are holding back large stocks of phutti in anticipation of further increase in prices in sympathy with lint.

Official spot rates were quoted further higher by Rs150 per maund at 5,750 per maund but fine lots were traded higher in the ready section.

The following are some of the notable deals reported by the Karachi Brokers Forum on Monday:

SINDH TYPE: 1,000 bales, upper Sindh at Rs5,600 to 5,700, 1,600 bales, Mirpurkhas at 4,500 to 4,700 (inferior quality).

PUNJAB VARIETY: 1,200, 1,000 and 800 bales, Rajanpur, Jalalpur and Alipur at Rs6,000, 1,000 bales, Rahimyar Khan at 5,800, 1,000 bales, Fort Abbas at 5,600 to 5,625, 400 bales, Khanewal at 5,700, 600 bales, Hasilpur at 5,600, 400 bales, each and 1,000 bales, Mian Channu Jhang, Faqirwali and Sahiwal at 5,400, 800 bales, Bahawalpur at 5,400 to 5,450 and 2,000 bales, Haroonabad at 5,400.