KARACHI, Nov 26: Cotton market on Wednesday resisted fresh fall as most of the deals in the ready section were finalised well above the official rates on active mill buying at the lower levels.

Some of the fine lots, notably from the southern Punjab cotton belt, were traded higher at Rs2,900 per maund, an average rate being Rs2,800.

Floor brokers said most of the leading ginners held on to their positions as was reflected by a relatively slow ready turnover, hoping a recovery in prices in the coming weeks.

They said the future market trend will be set by the arrival figures for the fortnight, ending Dec 1 as by that date the idea of the total crop will be known.

If they maintained the willing streak for the for third month in a row, prices could ease further from the current levels as they did early this month having fallen to Rs2,500 per maund, they said, and added if they are lower from the average of 24 per cent, prices would rise depending on the mill demand, they added.

“The renewed sell-off in the New York cotton futures after last couple of sessions sustained run-up beyond the benchmark of 40 cents per lb may be one of the reasons behind the current reaction,” but indications are that the local market will follow its own fundamentals rather than following the international market trend,” some analysts predict.

New York cotton futures reacted from the overnight highs at 42.37 and 43.75, for both the ruling December and the forward March contracts, respectively, off 1.93 and 1.05 cents per lb.

Official spot rates were firmly held at Rs2,825 per maund but some of the deals were done below and above them depending on the quality of lint.

Mills ready off-take was relatively slow as prominent ginners were not inclined to lower their asking rates. The following are some of the deals, which gone through on Wednesday evening:

SINDH TYPE: 1,000 bales, Shahdadpur at Rs2,650 to Rs2,800, 200 bales, Sanghar at 2,700, 600 and 400 bales, Khipro and Bandhi at 2,675.

PUNJAB VARIETY: 1,600 bales, Jalalpur at Rs2,800 to Rs2,850, 1,600 bales, Khanewal at Rs2,825 to Rs2,850, 400 bales, each Shujabad, Galanwali, 600 bales, Lodhran and Hasilpur and 200 bales, Layyah at Rs2,800, 200 bales, Ahmedpur East at Rs2,850, 400 bales, Depalpur at Rs2,850, 1,600 bales, Alipur at Rs2,815 to Rs2,900, and 600 and 1,000 bales, Uch Sharif and Bahawalpur at Rs2,900.