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Cotton prices rise on aggressive buying
KARACHI: Cotton prices surged on renewed demand from needy spinners on Wednesday.
Rapidly falling cotton stocks are a cause of concern for many spinners who have yet to meet their seasonal demand. However, intermittent flow of some quality lots attracted buyers who readily paid higher rates in order to get lots of their choice.
Although big spinners are currently focused on clearing their imported cotton, small spinners with limited resources are still looking for quality lint which is running in short supply.
Though trading activity remained fairly active, it could not expand due to restricted supply of quality cotton.
The world leading cotton markets also remained firm owing to steady demand from the export market.