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Cotton price falls as ginners sell in haste
KARACHI: Cotton prices came crashing down on Friday due to panic selling from ginners holding huge stocks.
The Karachi Cotton Association revised the spot rates downwards by Rs150 to Rs5,950 per maund.
Market experts noted that it was worrisome for cotton prices to go below the Rs6,000 mark on ready trading.
The current flow of phutti (seed cotton) has forced many ginning units in Punjab to stop lifting it from Sindh — as was being done earlier in the season. Above all, global factors also influenced trading and cotton prices.
There was sudden surge in demand for Punjab variety cotton which came down below Rs6,000 from Rs6,700 per maund recorded early in the season.