KARACHI, Feb 8: Cotton prices on Tuesday hit new career-best levels as forward deal from a southern Punjab ginnery was signed at Rs13,000 per maund indicating spinner perceptions about the expensive supply outlook.

Although most of the deals both in the Sindh and the Punjab lint were quality-based and changed hands at an average selling rate of around Rs11,000 per maund, dealers said.

They attributed the fresh price flare-up to renewed speculative squeeze on the New York Cotton Exchange where both the maturing March and the distant May future contacts were quoted higher well above the limit gains at 174.51 and 170.82 cents per lb, up by 6.65 and 7.00 cents, respectively.

They said the global prices had been on decline for the last couple of sessions amid falling demand, but the sudden pick up in overseas buying again pushed prices to new highs.

On Feb 3, the maturing March contract hit its all-time high at 176.22 cents after at one stage having hit session's high of 181.22 cents per lb, they said.

Analysts said as the local spinners and mills were on the global markets to cover their forward consumption needs, prices could rise further higher in the coming weeks as supplies were far behind the global demand.

Both mills and spinners were virtually out to grab the local floating stocks at the ginner options because foreign lint too was getting high each day, they added.There was, however, no change in the official spot rates, which were held unchanged at Rs11,500 per maund, but in the ready section most of the deals were done at well higher rates.

The following are some of the notable deals reported by the Karachi Brokers Forum on Tuesday evening: SINDH TYPE:

10,400 bales, Mirpurkhas at Rs10,400 and 600 bales, Upper Sindh at Rs11,650. PUNJAB VARIETY:

400 bales each and 600 bales, D.G. Khan, Fazilpur and Rajanpur at Rs12,000, 1,200 bales, Faqirwali at Rs11,400, 600 bales, Vehari and 400 bales, Rahimyar Khan at Rs11,500, 900 and 1,000 bales, Bahawalpur and Shujabad at Rs11,000, 200 bales, Shadan Lund, at Rs11,600, 600 bales, Layyah, at Rs11,700, 400 bales, Ahmedpur East and 200 bales, Ghazi Ghat at Rs11,800 and 400 bales, Rajanpur at Rs11,900.