KARACHI, July 15: Cotton prices on Friday recovered from the early week lows as progressive growers held back their phutti stocks to check fresh fall but physical business shrank to modest proportions as spinners were not inclined to oblige ginners.

As a result, some of the Punjab lots were traded as higher as Rs6,500 per maund from the early week low of Rs6,000 and analysts said the recovery was expected to continue as growers have joined hands to check fresh fall in prices.

But both the growers and the ginners have to operate within the global price outlook and their holding capacity is limited and they may not be able to hold the fort for a longer period, spinners said.

“Moreover when the picking operations in the major crop areas are resumed by early next month the flood of phutti arrivals may cause further erosion in prices,” they said.

However, for the time being prices were stable well above the official spot rates and could further go up depending on the size of mill demand as well the arrivals of phutti.

The New York cotton futures on the other hand remained under pressure and suffered fresh fall of four cents per lb at 106.35 and 104.46 cents for both the ruling October and forward December respectively.

Official spot rates on the other hand were again quoted unchanged at Rs6,200 per maund for an average quality lint.

The following are some of the deals reported in the ready section by the Karachi Brokers Forum:

SINDH TYPE: 200 bales, Mirpurkhas at Rs6,300.

PUNJAB VARIETY: 600 bales, Sahiwal at Rs6,200 to Rs6,300, 200 bales, Kacha Koh at Rs6,200, 600 bales, Mian Channu at Rs6,250 to Rs6,400, 400 bales, Chichawatni at Rs6,250, 800 bales, Burewala at Rs6,300 to Rs6,500, 200 bales, Samandari at Rs6,325, 600 bales, Khanewal at Rs6,300 to Rs6,400, 200 bales, Arifwala at Rs6,200, 400 bales, Depalpur at Rs6,250 to Rs6,300, 200 bales, Hasilpur at Rs6,300 and 200 bales, Khanpur at Rs6,400.