Trading was steady on the cotton market yesterday as buyers kept looking for quality lint which is running in short supply.
The underlying sentiment was firm but outlook remained uncertain, brokers said.
The rise in spot rates by the Karachi Cotton Association (KCA) and some revival in the world cotton markets also helped improve lint prices.
Consequently, most deals on ready counter were finalised on higher rates and close to Rs5,000 mark. But this was only restricted to quality lint which is fast running short.
The latest PCGA phutti (seed cotton) arrival figures that 14.5 million bales have bene harvested so far is a strong indicator that the country would be producing around 15 million bales this season (2014-15).
The New York cotton moved higher for second straight session where all the future contracts ended with modest gains.
