Local official spot rates on the other hand were again held unchanged at the overnight level of Rs6,300 per maund, but in the ready section, most of the deals were done well above them. - File photo

KARACHI: The cotton market on Tuesday showed a steady trend as prices were quoted further higher by Rs200 to 300 per maund as arrival of phutti remained slow at the ginneries.

Some of the fine lots in the ready section were traded as higher as Rs6,500 per maund and analysts predicted that the tight ready position could push prices further higher in the coming sessions.

The market may not entirely slip into the hands of the grower who is calling the shots from distant fields but developing situation on the supply front points to this possibility, they said.

They said a massive gap of Rs1,000 per maund in the quality-based lots is steadily being bridged by the holding capacity of the grower amid conflicting reports about damage to the quality of lint, notably in rain-affected areas of central and lower Sindh cotton belts.

Having an eye on the rising prices, some of the leading spinners who have secured export outlets opted for big-lot business at the current level , notably from the upper Sindh ginneries, market sources said.

Meanwhile, New York cotton futures remained under pressure and were quoted further lower at 98.43 and 99.64 , off 1.56 and 1.60 cents per lb for both the ruling October and distant December contracts respectively.

Local official spot rates on the other hand were again held unchanged at the overnight level of Rs6,300 per maund, but in the ready section, most of the deals were done well above them.

The following were some of the notable deals reported by the Karachi Brokers Forum on Tuesday:

SINDH TYPE: 400 bales, Salehpat at Rs6,500, 1,400 bales, Khairpur at Rs6,400, 200 bales, Tando Mohammad Khan (inferior quality) at Rs5,500 and 600 bales, Mirpurkhas at Rs5,900.

PUNJAB VARIETY: 1,600 bales, Khanewal at Rs6,350 to 6,500, 400 bales, Khanpur at Rs6,500, 400 bales, Rajanpur at Rs6,400, 600 bales, Haroonabad at Rs6,300 to 6,350, 200 bales, Kassowal and 400 bales, Chichawatni at Rs6,400, 400 bales each Chistian, Burewala, Pak Pattan and Bahawalnagar at Rs6,200, 400 bales, Mian Channu at Rs6,300 to 6,400, 400 bales, Bahawalpur at Rs6,300 to 6,400,and 200 bales, Layyah at Rs6,300.