KARACHI, Dec 8: Steady conditions witnessed on the cotton market on Wednesday where spinners and exporters indulged in short buying to meet their immediate needs.

Though reports from cotton fields indicate that phutti arrivals (seed cotton) in the Punjab ginneries increased but prices remained steady in line with world markets. The New York Cotton Exchange also maintained overnight prices.

There was general feeling that no one was ready to take long positions ahead of long closures of markets on account of Ashura. Consequently, amid moderate business activity prices remained firm at previous level.

Floor brokers said that the world markets would remain slow in view of the upcoming Christmas and new year holidays and the prices were expected to be steady.

The Karachi Cotton Association (KCA) kept the spot rates unchanged at Rs9,320 per maund and deals were finalised in the range of Rs8,800 to Rs9,500.

About 20,000 bales changed hands on ready counter with major deals coming from Shahdad Pur, Sanghar, Nawabshah, upper Sindh, Fazil Pur, Shadan Lund, Rajan Pur, Rahim Yarn Khan, Mianwali and Khanpur.