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Lacklustre buying on cotton market
KARACHI: The cotton market on Saturday remained steady amid lack of buying. Floor brokers said rising geopolitical tension world over and ongoing recession is keeping the textile industry in sever financial crisis.
Whereas some big spinning groups continue to import cotton, the domestic commodity is currently faced with quality issue. Moreover, the short crop is another cause of concern for spinners, brokers added.
The flow of phutti (seed cotton) from fields is slowing down with each passing day, they added.
The Karachi Cotton Association (KCA) has kept is spot rates unchanged at previous level. The New York cotton market stood steady where all the future contracts mover higher.