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Commodities: No trading on cotton market
KARACHI: The cotton market remained devoid of activity on Wednesday as buyers and sellers stayed away from the trading ring.
In the absence of any clear direction from the government on the economic front and the erratic behaviour of currency market, trading dwindled in all commodity markets.
Slow off-take of cotton yarn in domestic and world markets is also taking its toll on the cotton trade. Most textile spinners are currently burdened with huge stocks of cotton yarn, brokers said.
“The entire cotton economy of the country is facing a financial crisis. Ginners holding huge stocks of unsold cotton are faced with liquidity crunch while textile spinners are bogged down with piled up cotton yarn stocks,” said cotton analyst Adil Naseem.