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Cotton prices soar to seasonal high
KARACHI: Relentless buying from spinners and some exporters surged cotton prices on Saturday to a new seasonal high. There is a growing concern about short crop which is causing panic buying in the market.
Floor brokers said phutti (seed cotton) arrivals report released by ginners’ body indicated short crop by over one million bales. This is causing frenzy buying from some spinners who fear shortage of quality lint.
While the domestic market is being dictated by demand and supply rules due to short crop, world cotton markets are mostly faced with surplus supply which is depressing prices.