Cotton prices were stable at overnight level amid moderate business activity, but the underlying sentiment and outlook for the near future is still uncertain.
Reports confirming that the Trading Corporation of Pakistan (TCP) has started lifting contracted cotton bales from ginners at officially fixed high price failed to induce sentiment.
Phutti (seed cotton) prices, however, could not increase, and only a rise of Rs25-50 per 40kg was recorded for quality premium.
Floor brokers said both internal and global factors were depressing cotton prices.
The Karachi Cotton Association (KCA) spot rates were steady at previous level.
