KARACHI: Revival of buying interest at the lower level was witnessed on cotton market on Wednesday. However, the underlying sentiment remained weak and uncertain.

Floor brokers said that there was no fresh development which could have induced buying except that withdrawal of five per cent duty exemption on cotton yarn imports helped revive buying.

Moreover, they said some leading spinners entered the market to replenish their stocks as some lots of quality lint were offered for sale.

Most of these deals were, however, limited because hardly half a million cotton bales of unsold stocks are presently held by ginners. Naseem Usman, cotton analyst, said that it seems that the new dollar-rupee parity have started to settle down and markets have started to adjust with the new phenomena.

As government has placed next crop production (2014-15) estimates at 15.1 million bales ginners are panicky to off-load their unsold stocks from current season.

They say that huge amounts have to be paid to growers against these stocks and the government should direct the Trading Corporation of Pakistan (TCP) to procure these stocks.

The New York cotton market regained part of their recent losses where all future contracts ended with fresh gains. The Karachi Cotton Association (KCA) spot rates were unchanged and trading on ready counter was fairly moderate.

The following deals were reported to have changed hands on the ready counter: 1000 bales from Sakrand done at Rs5800, 600 bales from Khanpur Mehar at Rs6000, 400 bales from Multan at Rs6250 and 2200 bales from Yazman Mandi at Rs6525.