KARACHI, July 28: Cotton prices resisted further fall on Saturday after a choppy week mainly due to higher phutti arrivals and weakness in global prices.

The Karachi Cotton Association (KCA) maintained its spot rate at Rs5,600, but revised it down by Rs400 per maund this week.

In Sindh, deals were recorded between Rs5,600 to Rs5,750 per maund, and in Punjab between Rs5,600 to Rs5,700.

Phutti prices in Sindh were quoted between Rs2,600 to Rs2,675 per 40kg and Rs2,300 and Rs2,550 per 40kg in Punjab.

According to the KCA chairman, around 160 ginning factories in Sindh and Punjab have resumed operations and daily production is about 18,000 to 20,000 bales.

This month around 300,000 bales have been ginned which is a record for Pakistan’s cotton market.

Bangladesh and India have imported around 30,000 bales of cotton from Pakistan because of a possible drought.

The New York cotton futures ended close to a one-month low earlier this week, but have steadied since, however fears remain about a possible drought in India, which is the world’s largest producer.

The following transactions were reported on the ready counter on Saturday: 200 bales, Shahdadpur at Rs5,700, 200 bales, Vehari at Rs5,500, 200 bales, Darranwala at Rs5,525, 400 bales, Burewala at Rs5,600, 200 bales, Mongi Bangla at Rs5,600 and 200 bales, Kehroor Pakka at Rs5,600.