KARACHI: The cotton market on Friday turned listless as buyers withdrew to the sidelines. There were no signs of buying activity as spinners were conspicuously absent.

Contrary to this, the world`s leading cotton markets closed firm with New York cotton recording gain of up to 2.5 cents per Ib. The Chinese andIndian markets also recorded gains.

According to US Department of Agriculture, exports stood lower this week after rising by 5pc a week earlier.

Brokerssaidthecurrentrising wave in global cotton prices could not be understood because all the leading cotton-producing countries including Pakistan have recorded larger plantationareasforthe nextcottoncrop.

Figures indicate that cotton plantation in India would be higher by 15pc over last year and the situation is similar in China. Pakistan is also expected to get better cotton crop next season as area under cotton cultivation is higher by 10pc.

Goods carriers` strike is also hampering cotton trade because raw material could not reach spinning units in Karachi. There were reports of port congestion due to transporters` strike, brokers said.

The Karachi Cotton Association spot rates were firm at overnight level.

Only one deal of 300 bales was reported to have changed hands on the ready counter from Sadigabad at Rs6,650.