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Commodities: Buying picks up on cotton market
KARACHI: Buying interest picked up at the cotton market on Tuesday, though prices generally remained steady with focus on quality lint.
As the hope of getting cotton consignments from India in near future is fading away, many textile spinners are now replenishing their inventories from domestic stocks.
As the current cotton season is nearing its end, some apprehensive millers are actively procuring quality cotton to meet their seasonal demand.
Arrival of phutti (seed cotton) from cotton fields into ginning factories has slowed down as the third and final picking is also fast reaching its end, brokers said.