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Commodities: Slow phutti arrivals hit cotton trading
KARACHI: Listless conditions prevailed on the cotton market on Saturday owing to extremely slow arrival of phutti (seed cotton) and high rates being demanded by ginners.
Ginners — who have accumulated some phutti during Eidul Fitr holidays — ran into oversold position whereas spinners are keen to get hold of any quantity of new cotton crop.
Delay in arrival of crop from lower Sindh – where early sowing took place – has totally upset the market mechanism. New crop normally arrives from these areas in late May or early June every year.
The small quantity of cotton that has made it to the market so far is of poor quality and has yellow spots.