KARACHI, Nov 27: Cotton prices were unchanged on Tuesday but rose in the ready market on lower phutti arrivals but brokers expect the market to be steady in the coming days.

The Karachi Cotton Association kept its official spot rate flat at Rs5,800 per maund and in Sindh, 3,700 bales of cotton were exchanged at Rs5,500 to Rs5,950. In Punjab, 7,400 bales of cotton were exchanged at Rs5,750 to Rs6,000.

Brokers said millers would be reluctant to buy local cotton over Rs6,000 as they would then import cotton of a finer quality at the same price or even less.

US cotton futures rose almost 2 per cent, recouping most of the ground lost last week, on speculative and mill buying.

While prices are range-bound now, several bullish factors could force fibres to break out towards the end of the year and early in 2013, including buying by index funds as they rebalance their annual commodity portfolios and an expected cut in plantings when farmers plan next year’s crop, traders said. China also continues to purchase fibres for its stockpile.The following transactions were reported on the ready counter on Tuesday:

SINDH TYPE: 700 bales, Sanghar at Rs5,500, 2,000 bales, Khairpur at Rs5,850 to Rs5,900 and 1,000 bales, Uppersindh at Rs5,900 to Rs5,950.

PUNJAB VARIETY: 200 bales, Shujabad at Rs5,750, 200 bales, Khanewal at Rs5,800, 200 bales, Yazmanmandi at Rs5,800, 400 bales, Hasilpur at Rs5,800, 600 bales, Haroonabad at Rs5,850, 1,000 bales, Burewala at Rs5,850 to Rs5,900, 600 bales, Kabbirwala at Rs5,850 to Rs5,900, 1,000 bales, Chistian at Rs5,850 to Rs5,900, 200 bales, Alipur at Rs5,875, 200 bales, Mianchanno at Rs5,900, 1,000 bales, Deraghazikhan at Rs5,900 to Rs6,000 and 400 bales, Rajanpur at Rs5,950.