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Commodities: Spinners vying for quality cotton
KARACHI: Cotton prices on Monday soared to a seasonal high as spinners chased quality lots which were in short supply.
A deal of 1,000 bales from Ghotki was done at the season’s highest rate of Rs8,200 per maund.
As the current season is coming to an end, spinners are indulging in intermittent buying and lifting only good quality lots. However, overall trading activity is slowing down.
According to market reports, around 300,000 unsold bales are held by ginners, with a limited quantity of quality cotton.