KARACHI, Aug 15: Cotton prices were unchanged on Wednesday and trade was dull but brokers said prices were likely to increase after the market reopens following Eid holidays.

The Karachi Cotton Association maintained its spot rate at Rs5,955 per maund.

However there is pressure on the global markets but the New York cotton prices managed to recover some ground lost after a bearish US government supply-and-demand report last week, as the market news of a 150pc surge in cotton imports by China, the world’s largest producer and consumer, in July.

The following transactions were reported on the ready counter on Wednesday: 600 bales, Shahdadpur at Rs5,825 to Rs5,850, 800 bales, Sanghar at Rs5,825 to Rs5,850, 800 bales, Tandoadam at Rs5,825 to Rs5,850, 400 bales, Hyderabad at Rs5,825 to Rs5,850, 600 bales, Mirpurkhas at Rs5,825 to Rs5,850, 1,000 bales, Rahimyarkhan at Rs5,800 to Rs5,900, 200 bales, Duniyapur at Rs5,800, 400 bales Vehari at Rs5,800 to Rs5,900, and 200 bales, Haroonabad at Rs5,800.