KARACHI, May 23: Barring small lot transactions listless conditions prevailed on the cotton market on Wednesday as millers and ginners stayed to the sidelines.

Floor brokers said that it was difficult to ascertain what was depressing the cotton market because shortage of irrigation water at a time when sowing was in full-swing should have triggered buying and price surge.

Undoubtedly, ginners are holding thin stocks which could be the cause of tight supply, but persistent decline in prices amid dull activity is difficult to apprehend, said Naseem Usman, a cotton analyst.

However, the falling tendency in cotton prices the world over is a strong indicator that global inventory of the cotton is much higher as leading cotton producing countries have harvested larger crops this season.

The New York Cotton Exchange recorded all around decline for its future contracts by registering fresh fall between 2 to 3 cents per lb. The Karachi Cotton Association (KCA) however kept the spot rates unchanged at overnight level.

The following deals changed hands on ready counter on Wednesday: 400 bales, Bahawalpur (low quality) at Rs4,900, 100 bales, Pir Mahal at Rs5,200 and 600 bales, Rahimyar Khan at Rs6,000.