KARACHI, Dec 22: Cotton prices on Wednesday were traded at so far an all-time higher level of Rs10,000 per maund and floor brokers did not rule out the possibility of further increase as supplies are, too, short to meet the industry`s demand.

Another aiding bullish factor was the continued speculative squeeze on the New York cotton futures where the ruling March was quoted at 30-year high of 159.12 cent per lb, up 5 cents, well above the single session limit gain, they added.

Both the short supply and speculative rise in world prices have joined hands to create crisis like conditions in the world textile industry, analysts said and added the major consumer countries are feared to be wiped out from the textile export front.

The local textile industry is also passing through one of the major supply crises in its history, having a negative fallout on its capacity to be leading foreign exchange earners for the country, they added.

However, mill ready off-take well above Rs9,000 and around Rs10,000 per maund reflects that the industry is endeavoring to meet the challenge posed by a short local crop and higher import prices.

It was in this background that official spot rates were further up by Rs200 per maund, although in the ready section average rate has touched the high of Rs9,800 per maund.

Mill ready off-take was on the higher side owing to panic buying amid fears of fresh rise in prices and totaled about 20,000 bales as under:

SINDH TYPE: 2,000 bales, upper Sindh at Rs10,000, 3,000 bales, Khairpur at Rs9,600 to 10,000 (payments next month), 1,600 bales, Nawabshah at Rs9,400, 1,200 bales, Shahdadpur at Rs9,400 to Rs9,500, and 600 bales, Tando Adam at Rs9,500.

PUNJAB VARIETY: 200 bales, Bahawalnagar, at Rs10,000, 400 bales, Mianwali at Rs9,800 to 10,000, 600 bales, Kabirwala also at this rate, 4,000 bales, Rahimyar Khan at Rs9,600 to 9,800, 1,000 bales, Rajanpur at Rs9,700 to Rs10,000, 600 bales, each Sadiqabad and D.G. Khan at Rs9,800, 800 bales, Liaquatpur at Rs9,600 to 9,700, 800 bales, Muhammadpur at Rs9,800 and 600 bales, Mian Channu at Rs9,500 to Rs9,600.