KARACHI, Aug 22: Cotton market on Friday resisted fresh fall as ginners were not inclined to further lower their asking prices and held onto their unsold positions.

“We have to maintain a parity level between the prices of phutti and lint for the smooth sailing of the cotton economy,” said a leading ginner. “Grower is not inclined to sell his phutti below Rs2,000 per 40 kg,” he added.

Unlike the previous sessions another about 20,000 bales changed hands mostly higher by Rs25 to Rs75 per maund as compared to Thursday’s bid prices, he said.

However, larger daily mill intake for the last couple of sessions reflects that the current average prices are in line with the export parity levels of both the spinners and the mills, floor brokers said.

The grand rebound staged by the New York cotton futures after about two weeks continued weakness shows that the lint could be more expensive during the next couple of weeks based on crop projections in the major cotton growing countries including the US and India.

The New York cotton futures were quoted higher by 1.93 and 74 cents per lb at 67.53 and 69.84 cents for both the ruling October and the distant December contracts respectively.Indications are that the world cotton production may not be that big as to push prices further lower as reports from India and pest attack on Pakistani crop could upset production targets and the current rebound staged by the New York cotton futures may have been caused by this perception, market sources said.

Official spot rates were firmly held at the last close but most of the deals in the ready section were done well above them.

The following notable deals were finalised late on Friday:

SINDH VARIETY: 2,000 bales and 2,400 bales, Tando Adam and Shahdadpur at Rs4,100 to Rs4,150, 1,600 bales, Mirpurkhas at Rs4,025 to Rs4,100, 200 bales, each Sinjoro and Kotri at Rs4,150, 200 bales, Sanghar at Rs4,175, 200 bales, Hala Rs4,125, 600 bales, Sanghar at Rs4,100 and 600 bales, Hyderabad at Rs4,100 to Rs4,150.