KARACHI, May 31: Trading activity gained momentum on the cotton market on Thursday as mills indulged in active buying at prevailing prices to replenish their stocks.

Floor brokers said prices, however, remained steady because ginners were eager to dispose of their stocks fearing further fall in cotton prices.The New York cotton market remained under pressure as all future contracts fell due to sluggish demand and shaky global economic conditions.

The shrinking consumer demand in some of the EU economies owing to recessionary trend is having adverse impact on global textile trade of $400 billion, brokers said.

The Karachi Cotton Association maintained its spot rates unchanged at the overnight level.

The following notable deals changed hands on the ready counter on Thursday: 200 bales, Arifwala (low quality) at Rs4,400, 328 bales, Shehar Sultan at Rs5,500, 800 bales, Qaboola at Rs5,500, 300 bales, Duniapur at Rs5,550, 200 bales Vehari (on credit) at Rs5,900, 2,000 bales, Rahimyar Khan (on credit) at Rs5,900 to Rs5925 and 3,000 bales, Gaggo Mandi (on credit) at Rs6,000.