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Commodities: Long power outages hit cotton trade
MULTAN: Trading on the cotton market on Thursday remained slow as buyers and sellers stayed away – mostly due to loadshedding at textile units.
The Karachi Cotton Association kept its spot rates unchanged at overnight level.
According to Mudabir Shah, a Multan-based cotton broker, the market is slow since the government has announced 10-hour loadshedding for the textile sector.
He said that about 38 per cent textile mills have no alternative arrangements to power up their units.
“The consumption of cotton has been reduced automatically as these mills are functional for only 14 hours daily,” he remarked.