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Cotton trading slumps
KARACHI: Dull conditions prevailed on the cotton market on Thursday with a slump in trading activity as buyers suddenly took to the sidelines.
The overall undertone was easy and outlook uncertain.
Although cotton price line by and large remained steady and static at overnight level but trading activity dropped down to extreme low.
There are reports that growers are holding huge quantities of unsold cotton as ginners have piled up stocks and are not ready to further purchase phutti (seed cotton).
World leading cotton markets remained under pressure. Indian cotton prices moved lower for all the varieties by Rs200 per candy.