KARACHI, Jan 27: Cotton prices on Tuesday maintained their upward drive for the second session in a row and soared by another Rs25 per maund as leading ginners held on to their unsold stocks for a still better price. “We now have fair choice to sell our stocks either to the TCP or the mills, who could offer a better price,” said a ginner adding: “Spinners are now not the lone buyers and could dictate their buying prices, the TCP is there to ensure higher prices for both the grower and the ginner.”

The postponement of the TCP tender due on Jan 27 to Feb 2, has given us enough time to indulge in a good price maneuvering as was reflected in Rs50 rise during the current two sessions, he said.

The two TCP tenders for 0.2m bales on Feb 2 and Feb 11, and ginner offerings against them will set the future line of direction for the market but one thing appears certain that the shortfall in the revised crop total could well be one of the determining factors.

Another bullish factor, which could push prices further higher is said to be persistent price flare-up in New York cotton futures, which are steadily rising to their next chart points of 60 cents per lb, floor brokers said.

Both the ruling March and the forward May contracts on Tuesday were quoted further higher by 1.43 and 1.32 cents per lb at 52.07 and 52.09 cents per lb, respectively, on reports of higher exports and strong speculative buying.

Market sources said apart from a short local crop, sympathetic rise in prices of line with the international markets will also make the local lint more expensive.

As a result, much of the activity remained confined to fine lots from the Punjab ginneries, which were sold between Rs3,300 to 3,450 per maund depending on the quality of lint.

Official spot rates were again revised upward by Rs25 at Rs3,350 per maund, which included some big-lots also.

The following are some of the notable deals reported in the ready section:

SINDH TYPE: 2,000 bales, upper Sindh at Rs3,350 to 3,450, 3,000 bales, Khairpur at Rs3,150 to 3,250.

PUNJAB VARIETY: 1,000 bales, Rahimyar Khan and Muhammadpur at Rs3,400, 2,000 bales, Jalalpur at Rs3,300, 400 bales, Burewala at Rs3,350, 1,400 bales, Sadiqabad at Rs3,300 to 3,450, 400 bales, Bahawalpur at 3,200, and 400 bales, Liaquatpur at 3,250.