KARACHI, June 18: Cotton market on Tuesday witnessed renewed buying from some needy spinners. However, due to liquidity problems faced by millers the activity could not come to normal.

No bad reports have been received from cotton growing belts of Sindh and Punjab, however brokers anticipate that new season crop would meet the target of 14.3 million bales fixed by the government.

The Karachi Cotton Association (KCA) raised its spot rates by Rs107 per 40kg.

The New York cotton futures finished lower for near-future contracts and all three contracts for next year posted moderate gains. However the activity on ready counter remained moderate.

The following deals were reported: 300 bales, Mirpurkhas, at Rs5,125, 1,000 bales, Shairsultan, at Rs6,700, 100 bales, Khairpur Tamewali, at Rs6,700 and 400 bales, Ali Pur, at Rs6,800.