KARACHI, Aug 2: Cotton prices eased slightly on Thursday taking cue from global markets as New York futures dropped more than one per cent the previous day after the US Federal Reserve warned of further deterioration in the world’s largest economy.

The Karachi Cotton Association revised down its spot rate by Rs25 per maund to Rs5,705.

Phutti prices were between Rs2,400 to Rs2,500 per 40kg in Punjab and Rs2,500 to Rs2,600 per 40kg in Sindh.

Around 15,000 bales of cotton were traded, and in Punjab the price quoted was between Rs5,600 to Rs5,650 and Rs5,650 to Rs5,700 in Sindh.

Sentiment was also boosted after the Trade Development Authority of Pakistan allowed State Bank of Pakistan to continue with the registration of cotton sales contract of raw cotton for the crop of 2012-13, which should bode well for exports.

The following transactions were reported on the ready counter on Thursday: 1,400 bales, Shahdadpur at Rs5,600 to Rs5,650, 1,800 bales, Sanghar at Rs5,600 to Rs5,650, 1,000 bales, Tando Adam at Rs5,600 to Rs5,650, 1,400 bales, Mirpurkhas at Rs5,600 to Rs5,650, 400 bales, Kotri at Rs5,600 to Rs5,625, 400 bales, Bahawalnagar at Rs5,500, 200 bales, Vehari at Rs5,525, 400 bales, Burewala at Rs5,550 and 400 bales, Jahanian at Rs5,550 to Rs5,650.