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Commodities: Cotton prices steady amid renewed demand
KARACHI: Cotton prices on Tuesday stayed firm as limited unsold stocks of up to 0.6 million bales caused nervousness among leading spinners who still need a substantial quantity of raw cotton to meet their near-term requirements.
Ginners were willing sellers at the prevailing prices as their hopes of getting higher rates were dashed by the declining trend on the New York Cotton Exchange amid forecast of a bumper US crop owing to favourable weather conditions.
The New York cotton futures fell 2.59 cents.