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Cotton market under pressure
KARACHI: The cotton market remained under pressure and suffered fresh losses for the third consecutive session on Saturday.
The spinners also slowed down their activity though some of their needy links remained active to replenish their stocks.
Floor brokers said that continued downward trend on the world front and slower yarn demand from China were major market depressants. Recent reports of the US Agriculture Department indicate that short supply of cotton against high demand this season triggered some panic buying the world over and pushed prices to record level, but the current downtrend was unexpected, brokers said.