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Commodities: Cotton buying picks up
KARACHI: Buying interest on the cotton market picked up on Monday, though much of the activity remained around quality lint which is running short supply. Meanwhile, prices remained stable.
Market sources said many spinners who were unable to get cotton from across the border have returned to the market to replenish their stocks.
The rise in cotton yarn demand in domestic and world markets reportedly induced sentiment and many spinners took it as an opportunity for building up their inventories to meet near future demand.
Meanwhile, ginners have complained that spinners are holding back huge outstanding funds belonging to them. After several rounds of negotiations a committee has been formed to sort out the issue at the earlier, brokers said.