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Cotton prices steady on strong demand
KARACHI: Sustained demand for quality lint kept prices firm on the cotton market on Wednesday amid fears of delay in arrival of next crop.Reports indicate that many parts in lower Sindh are still not getting irrigation water causing delay in cotton sowing. Consequently, some spinners resorted to panic buying but short supply restricted trading activity.
According to a broker, Mirpur growers complained that irregular supply of irrigation water was hampering cotton sowing which may adversely impact the overall crop size.
The world leading cotton market remained easy under the lead of New York Cotton Exchange.
The Karachi Cotton Association (KCA) left its spot rates firm at overnight level of Rs7,500 per maund.