KARACHI, Nov 28: Cotton prices on Friday remained stable around the overnight levels as ginners were not inclined to indulge in hasty selling owing to higher international advices.

As a result, physical business was light for the second session in a row as spinners also awaited fresh developments on the world cotton markets after a massive recovery in the

New York cotton futures for the last couple of sessions, dealers said.

After having fallen sharply lower during the last couple of sessions, prices in physical trading have almost stabilised at Rs2,900 per maund for fine lots.

“We are awaiting the reaction of the world textile markets to recent developments on the lint front, said a leading spinner, adding “if they (textiles) they too show sympathetic rise, we can go for supplies even at higher rates.”

But they said the market virtually witnessed a continuation of price war between spinners and ginners as leading growers held on to their unsold positions of phutti amid hopes that they will be the ultimate gainers of the fight between the two.

Floor brokers also attributed the slowdown in mill buying because of delivery problems, as leading cargo haulers are busy in transporting sacrificial animals to the city from the upcountry at much higher fares than the normal one a week ago.

The activity in the ready section may remain sluggish in all pre-Eid holiday sessions because of delivery problems, they added.

Official spot rates were, therefore, again firmly held at the last levels of Rs2,825 but in physical trading prices were quoted higher.

The following are some of the notable deals reported in the ready section late on Friday evening:

SINDH TYPE: 1,000 and 800 bales, Sanghar and Mirpurkhas at Rs2,700, 600 bales, Shahdadpur at Rs2,725 and 400 bales, Dadu at Rs2,800.

PUNJAB VARIETY: 600, 400, 200, each, 400, 600 and 200 bales, Rajanpur, Rahimyar Khan, Ghazi Ghat, Uch Sharif, Bahawalpur, Fazilpur, Sadiqabad and Ahmedpur East at Rs2,900 and 400 bales, Khanewal at Rs2,850.