Buzz continues on cotton market.

KARACHI -- Revival of buying interest from leading spinners generated activity on the cotton market on Wednesday as prices generally remained stable.

However, slowdown in phutti (seed cotton) picking owing to dense fog in Punjab and shortage of quality lint restricted trading activity. Buyers mostly indulged in short covering. Barring a big lot deal of over 5,000 bales from station Khanpur much of the trading remained moderate to active.

The latest cotton production figures continue to paint a picture as brokers fear low crop size.

It is encouraging to note that demand for cotton yarn is increasing as the value-added textile sector exports also improved. If government timely pays sales tax refund amount, textile exports could improve a lot, observed cotton analyst Naseem Usman.

On the global front, New York cotton continued to give erratic behavior owing to shifting of position...