KARACHI, Feb 23: Insipid conditions prevailed on the cotton market on Monday as spinners kept to the sidelines looking for better options of getting raw cotton at cheaper price.

Highly uncertain situation on the domestic and global markets has completely changed the thinking of businesses who are now working not to make profits but to lessen their losses.

The Indian government’s decision to give five per cent subsidy on export of cotton had made local spinners to give have second thoughts about their future cover for raw cotton needs.

Consequently, the local cotton market witnessed slow trading as major players kept to sidelines. The deepening of recession in the US and European economies where most of the country’s textiles and clothing exports find their way is sending shiver waves in textile industry.

Floor brokers said that most of the spinners were evolving a strategy for shifting their raw cotton purchases from local market to imports particularly from India.

On ready counter some deals changed hands which were mostly of Punjab origin. Following were some notable deals: 1,000 bales, Rahim Yar Khan at Rs3,390, 400 bales, Fazilpur at Rs3,325, 400 bales, Shujabad at Rs3,275 and 400 bales, Layyah at Rs3,200.

The Karachi Cotton Association (KCA) spot rates remained unchanged at Rs3,350 per maund.