KARACHI, May 22: Easier conditions prevailed on the cotton market on Tuesday in the absence of buying interest from the spinners and mills, which kept to sidelines.

Production glut as most of the cotton producing countries harvested better crops this year is keeping lint prices depressed the world over, floor brokers said.

Almost all the future contracts on the New York Cotton Exchange finished with fresh falls hovering around 75 to 79 cents per lb from the early season high of $1 per lb.

The Karachi Cotton Association (KCA) reduced the spot rates by Rs100 per maund indicating that slackness in buying was causing some nervousness.

Most of the deals reported to have changed hands on lower prices on the ready counter. The following were notable deals reported by Karachi Brokers Forum on Tuesday evening: 600 bales, Bahawalpur at Rs5,500 to Rs5,900, 200 bales, Duniapur at Rs5,600, 200 bales, Arifwala at Rs5,600, 600 bales, Kotia Moosa at Rs5,600 to Rs5,860, 200 bales, Vehari at Rs5,750 and 400 bales, Sadiqabad at Rs5,800.