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Active buying on cotton market
KARACHI: Renewed buying interest was witnessed on the cotton market on Friday. Trade was originated by spinners who rushed to replenish their stocks to meet near future demand. The undertone was firm and the outlook uncertain.
Activity remained selective with spinners focusing on quality cotton, which is running in short supply. Some deals were done in new crop cotton but it was not officially reported, said brokers.
Ginners holding a sizable quantity of cotton from the current season (2016-17) were eager to dispose off their stocks but slackness in demand for cotton over the last several weeks is worrisome for them, brokers added.