KARACHI, Dec 14: The cotton market on Tuesday resisted fresh decline as ginners held on to their unsold positions after having overcome the Monday's bearish spell amid light trading.

Unlike the previous session, physical business was light as the ginners did not indulge in panic selling as they did on Sunday and early Monday morning, pushing prices below the Rs2,000 per maund level, brokers said.

Most of the deals in Sindh type were finalized between Rs1,650 and Rs1,825 per maund in line with the quality differentials, while its counterpart in the Punjab cotton belt was traded at Rs1.850 on the lower side and Rs1,925 on the higher side.

Floor brokers said apart from holding back of stocks by the ginners, the other aiding factor was reports of a modest recovery in New York cotton futures and hopes of stable world prices despite global production glut, brokers said.

They said the slowdown in mills buying at higher asking prices was also attributed to the TCP foreign auction of 25,000 bales on Dec 18, and offers received from the foreign buyers against the sale offers could have an either-way sympathetic impact on the local prices.

"Spinners and mills are expected to stay away for another couple of sessions and may not actively participate in daily dealings, awaiting the arrival figures of phutti for the fortnight ending Dec 15," they said.

The latest arrival figures will give a fair idea about the total crop and could influence the prevailing prices depending on the size, although spinners will not go all-out for the fine lots before the figures are out, they said. The official spot rates were quoted at the overnight levels, although most of the deals were done below them in the ready section.

New York cotton futures on the other hand recovered from the recent lows and were quoted higher by 0.91 and 0.60 cents per lb at 43.22 and 43.40 cents for both the ruling March and the distant December settlements, respectively. Ready off take was light totalling about 15,000 bales, the following being some of the notable deals:

SINDH VARIETY: 2,000 bales, K-68 Sawgin, upper Sindh at Rs1,925; 1,400 bales, Shahdadpur at Rs1,825; 400 bales, Jhole at Rs1,725; and 800 bales, Mirpurkhas at Rs1,650 to Rs1,675.