KARACHI, Oct 11: Cotton prices on Monday remained stable at the weekend levels as the Trading Corporation of Pakistan and private sector exporters remained active buyers around the current levels.

The underlying sentiment was also influenced positively amid hopes of some fresh corrective steps in a joint meeting of Aptma and PCGA members in Islamabad with the prime minister.

Spinners and mills, who have selective buyers during the last week in an apparent effort to keep prices within their parity levels, also rushed to cover their forward positions, fearing further increase in prices.

"All the active members of the cotton trade, therefore, took extra care to remain competitive in their respective fields, the growers being the chief beneficiary episode," says a cotton analyst.

The perceptible change in the bearish market psychology came after the strong official intervention and active role played by the TCP high-ups, he added. "It is good to have a bumper cotton crop but it is bad to manipulate the market at the expense of other players by the big ones," he said.

Although details of the Islamabad meeting held on Monday are not immediately known, the market's uppish leaning and the prevailing optimism among the growers and ginners reflect that the prime minister is determined to ensure a fair price for their produce, brokers said.

Phutti prices both in Sindh and Punjab cotton belts, which had decline below the official support price of Rs925 per 40 kg, recovered above it and so did lint, which was traded at around Rs2,000 per maund after having fallen to Rs1,750 per maund last week, they said.

It was in this background that official spot rates were revised upward by Rs75 per maund at Rs1,925. Ready business was fairly active as the spinners and mills followed by the exporters remained active buyers at the prevailing prices. Over 15,000 bales changed hands, the following being some of the notable deals:

SINDH VARIETY: 400 bales, Sanghar and Nayabad at Rs1,900; 400 bales, Sakrand and Qazi Ahmed at Rs1,990; 200 bales, Jhole at Rs1,875; 200 bales, Khairpur at Rs1,950.

PUNJAB TYPE: 400 and 600 bales, Sadiqabad, Rahimyar Khan, 800 bales, Rajanpur, 1400 bales, Hasilpur, 1,200 and 500 bales, Khanewal and 600 bales, Khanpur at Rs2,000; 200 bales, Kot Addu and 1,200 bales, Vehari at Rs1,975.