Cotton rates steady.

KARACHI -- Cotton prices remained steady on Thursday amid slow trading as ginners avoided deals in the hope of getting higher prices in future. However, buyers remained focused on quality cotton.

Market sources said the traders are facing a liquidity crunch as banks near the year-end closing. Moreover, the non-payment of sales tax refunds by the Federal Board of Revenue (FBR) to the export sector for last five months has further hampered the traders' liquidity.

The government's promises to pay refunds within the 72 hours on submission of claims under the FBR's new scheme named FASTER are yet to be fulfilled, brokers lamented.

As a result, the market activity was dismal with buyers striving hard to get hold of quality cotton as ginners avoided selling at current prices hoping they would bounce back, the sources added.

On the global front, the Indian cotton remained under pressure for second consecutive session by closing Rs100...