KARACHI, July 14: Steady conditions prevailed on the cotton market on Saturday as spinners remained busy in procuring quality lots amid improved supplies.

With higher phutti arrivals around 60 ginneries in Punjab and 15 units in Sindh have also resumed their operations as a result over 100,000 bales from the new crop have so far been processed.

Sustained buying by spinners during the week pushed prices up by Rs100 per maund and cotton analysts believe that bullish trend may continue as for a time when millers fully cover up their positions.

Strong demand has also pushed up the phutti prices to Rs2,700 to Rs2,750 per 40kg in Sindh and to Rs2,800 to Rs2,850 per 40kg in Punjab.

Prices on the New York Cotton Exchange tended higher and had a physiological impact on spinners who indulged in panic-buying to replenish their stocks.

Ehasn-ul-Haq, executive member of Pakistan Cotton Ginners Association (PCGA), said that for the first time in the history of Pakistan during first fortnight of July around 75 ginning units started operations.

He further said that on daily basis around 6,000 cotton bales were being processed and hoped that textile mills may not have to import cotton during July and August this year.

The Karachi Cotton Association (KCA) revised up its spot rates by Rs100 per maund on Saturday. The following transactions were reported on the ready counter: 200 bales, Tando Adam at Rs6,175, 200 bales, Sanghar at Rs6,200, 600 bales, Mirpur Khas at Rs6,175 to Rs6,200, 200 bales, Bahawalpur at Rs6,250, 900 bales, Burewala at Rs6,300; 200 bales, Hasilpur at Rs6,300 and 200 bales, Chichawatni at Rs6,300.