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Commodities: Cotton price stabilises
KARACHI: Sustained buying from big mills helped the cotton market maintain firm price structure on Tuesday. However, short supply of quality cotton kept trading volume from expanding.
According to market sources, major spinning groups which were heavily depending on imported cotton earlier are now rushing back to the market after facing some issues in payment from banks against their consignments.
Consequently, there has been a surge in cotton demand from big spinners as they are able to easily procure cotton from the local market as well as avail and one month credit — a win-win situation for them, brokers said.