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Commodities: Dullness prevails on cotton market
KARACHI: Slow trading was visible on the cotton market on Thursday as buyers avoided taking long position till the full details of China’s offer for market access to Pakistan were known.
Furthermore, the textile industry of Punjab – following the gas subsidy and bills issue – has taken a cautious approach in purchasing cotton which also resulted slow trading.
Reports suggest the cotton yarn market is currently faced with a glut.
The world leading cotton markets gave mixed trend. New York cotton recovered partially while Chinese and Indian cotton were mostly steady.
The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs8,800 per maund.