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Commodities: Buyers throng cotton market
KARACHI: The cotton market witnessed improved buying activity on Wednesday as many spinners rushed back to replenish their stocks anticipating an increase in exports following sharp devaluation of the rupee against dollar.
However, short supply of quality lint restricted activity, brokers said.
The surge in world cotton prices also influenced local trading as many spinners preferred to finalise deals at current prices.
Shortage of water in lower Sindh continues to hamper cotton sowing. Growers are complaining that if no immediate action is taken, the next crop will suffer badly.