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Commodities: Buyers active on cotton market
KARACHI: Brisk activity was witnessed on the cotton market on Saturday as leading textile spinners indulged in big lot deals to cover their positions.
At the outset there was strong demand for quality cotton which is in short supply. However, cotton prices remained stable.
According to reports huge cotton stocks held by ginners are fast depleting as strong demand continues to flow in from big spinners who were earlier hoping to import the commodity from India.
The world leading cotton markets also closed firm with New York cotton gaining for all future contracts. Indian and Chinese cotton also closed higher.