KARACHI, May 17: Cotton prices remained under pressure for second consecutive session on Friday as spinners and exporters remained conspicuous by their absence.

The worsening energy crisis across country resulting in prolonged power outages in the industry is discouraging spinners from piling up their cotton stocks.

According to the brokers, one of the main factors that have slowed down market activity is the non-availability of quality lint.

While sizable quantity of unsold stocks is still lying with ginners yet shortage of first grade cotton is creating slackness in trading activity.

However, a steep fall in prices by up to Rs107 per 40kg is an indicator that panic has gripped ginners who seems to be in a hurry to dispose off their stocks before the arrival of new crop. On getting little response from buyers cotton prices came under pressure for second consecutive day on Friday after recording a fall of Rs53 a day earlier.

The world cotton scenario was no different where prices also registered fresh fall on slow demand from major consumers like India, China and the US. The New York cotton market finished with all round fall for its future contracts.

The Karachi Cotton Association (KCA) spot rates were revised downward by Rs107 per 40kg. Extremely slow trading was recorded on ready counter where prices were quoted lower.

The following deals were reported to have transpired on ready counter on Friday: 800 bales, Burewala, at Rs5,800, 200 bales, Bahawalpur, at Rs6,000, 409 bales, Garah Mor, at Rs6,100 and 400 bales, Pul Bagar, at Rs6,100.