Falling cotton prices yesterday attracted buying from some mills and exporters who indulged in short covering to meet their near-future demand.
Higher inventories of raw cotton and cotton yarn with mills domestically as well as globally are keeping prices under pressure.
The Karachi Cotton Association (KCA) also cut its spot rates by Rs50, to Rs4,750 a maund.
The underlying sentiment continues to be highly weak and uncertain as traders and spinners are cautious, fearing further fall in cotton prices on world market, broker said.
According to market reports the Trading Corporation of Pakistan (TCP) has stopped entering into fresh contracts with ginners for purchase of lint, whereas buying for cotton bales already contracted is moving at a slow pace.
