KARACHI, Feb 25: Cotton market on Monday consolidated the previous gains as some of the spinners and mills remained active buyers around the current levels.

But unlike the last week when quality lots were traded as higher as Rs3,400 per maund on panic mill buying, some of the fine lots were sold around Rs3,350 per maund, Rs50 lower than the previous highs.

But some big lots of inferior type from the southern Punjab cotton belt were available around Rs3,100 per maund and some of the spinners covered positions for blending purposes in staple fibre to produce blended cloth and yarn for export markets, said a floor broker.

But he said the current lull, after an increase of Rs75 in prices last week, appears to be tactical as spinners are not inclined to go for a “big kill” in an effort to contain prices within the current levels.

But bullish reports from the New York cotton market, where prices had risen to four-year peak level of around 76 cents per lb on strong speculative buying, may continue to fuel sympathetic increase in the local prices, he added.

However, one thing is clear that the fresh import of lint from any country, including India may be expensive and spinners and mills have to rely on their forward deals already made amounting to 1.5m bales from various countries, including India.“Spinners may remain in the market provided that prices should not rise beyond their parity levels, and will make orderly buying after leading among them abandoned the idea of price war among themselves,” said a leading ginner.

Official spot rates did not show fresh change and were firmly held at the previous levels amid active trading.

Mill ready off-take was light totaling about 5,000 bales as under: 2,000 bales, upper Sindh at Rs3,300 to Rs3,350, 1,600 bales, Arifwala at Rs3,350, 2,000 bales, Rahim Yar Khan and 1,000 bales, Sadiqabad at Rs3,100.