KARACHI, March 28: The cotton market on Wednesday showed firm trend in response to snap changes in the global supply and demand outlook as prices again crept to their pre-reaction levels.

The chief driving force behind the latest push were the reports that India has decided not to lift ban on fresh exports of lint and heavy foreign rush for the US lint, textile sources said.

The increase in prices was modest but spinners fear that prices could stabilise above Rs6,000 per maund for an average quality lint in couple of weeks.

They based their future price assessment on the sharp increases in the US cotton futures, which have stabilised well above the 90-cent per lb mark, they said.

Both the ruling May and the forward July settlements on the New York Cotton Exchange were quoted higher by 1.68 and 1.98 cents at 92.59 and 93.01 cents per lb triggering buystops on the local market, they added.

The average rate of fine lots was Rs5,700 but the general perception is that an increase may not be checked keeping in view the supply and demand factors, market sources said.

Official spot rates were, however, firmly held at the previous level of Rs5,300 per maund but in the ready section most of the deals were quality-based.

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

SINDH TYPE: 400 bales, Ghotki at Rs5,700, 200 bales, Sanghar at Rs4,000, 400 bales, Nawabshah at Rs4,500, 400 bales, Tharo Shah at Rs4,700, 400 bales, Kandario at Rs4,850 and 400 bales, Amrot at Rs5,000.

PUNJAB VARIETY: 1,200 bales, Rahimyar Khan and 400 bales, Jalalpur at Rs5,500, 600 bales, Bahawalpur at Rs5,450, 800 bales, Burewala and 400 bales, Fort Abbas at Rs5,400, 400 bales, Chistian at Rs5,350, 400 bales, Garah More at Rs5,275, 200 bales, Duniyapur at Rs5,300, 300 bales, 200 bales, Mailsi and Haroonabad at Rs5,200, 200 and 400 bales, Vehari and Pak Pattan at Rs5,100.