KARACHI, Jan 28: Cotton prices were flat on Monday amid barely any activity as millers were unwilling to buy local crop at such high prices and preferred to import cotton instead, brokers said.

The Karachi Cotton Association (KCA) kept its key spot rate unchanged at 6,050 per maund and only 200 bales of cotton were exchanged in Sindh at Rs5,400. No activity was witnessed in Punjab.

Petroleum Adviser Asim Hussain on Saturday announced to restore gas supplies to the Punjab textile industry for two days a week from next month.

The adviser made the announcement after negotiations with the leadership of the All Pakistan Textile Mills Association (Aptma).

The industry in Punjab is facing complete suspension of gas since Dec 5. New York cotton also closed above its eight month trading range last week.

The following transaction was reported on the ready counter on Monday:

SINDH TYPE: 200 bales, Mir Pur Khas at Rs5,400.