KARACHI: The cotton market on Thursday remained steady on slow buying owing to depressed demand for cotton yarn and fabric.

Floor brokers said that cotton prices the world over have reached saturation point which is worrying the textile industry. Consequently, the buyers are reluctant to enter into big deals, they added.

Moreover, the current cotton se­­a­son is expected to end mu­ch earlier than normal due to short crop, which was another reason for sla­ck cotton trade, brokers said.

The New York cotton market once again came under profit-selling and closed easy for all the future contracts, except maturing March 2017 contract which edged up slightly.

The Karachi Cotton Association left its spot rates unchanged. The following deals were repor­ted on the ready counter were: 1,600 bales from Sadiqabad at Rs7,000, 200 bales from Khanewal at Rs6,800 and 400 bales from Fort Abbas at Rs6,800.

Published in Dawn, February 24th, 2017