KARACHI, May 24: Amid slow trading, cotton market remained steady where some needy mills continued to replenish their stocks at lower level on Friday. However, shortage of quality lint and deepening of energy crisis is keeping industry extremely cautious.

At the present, the trade and industry is marking time till the elected government sets in and takes the rein of the country. The economics woes are so deep that there is general despondency in trade circles, brokers said.

Besides, fear of mini-budget loaded with new taxes is adding into the woes of business community which is already depressed with issues like power outages and poor law and order situation.

The world cotton market also remained under pressure where New York cotton finished with fresh falls for all future contracts. The slackness in cotton demand from major consumers is keeping prices under pressure.

The Karachi Cotton Association (KCA) spot rates remained steady at previous level and trading on ready counter was extremely slow and restricted. The following deals changed hands on ready counter on Friday: 200 bales, Sanghar at Rs5,900, 200 bales, Lodhran, at Rs6,300, 400 bales, Bahawalpur, at Rs6,500 and 1,200 bales, Rahimyarkhan (conditional) at Rs6,800.