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Commodities: Buying picks up
KARACHI: Steady flow of buying orders from needy spinners on Thursday helped keep the price line firm on cotton market.
However, dwindling stocks with ginners are worrying millers who still need substantial quantity of the commodity to see the current season through.
As the current cotton season (2018-19) nears close, phutti (seed cotton) arrival has declined to a negligible level and most ginning units have shut down operations.
The market is in shock following news of Finance Minister Asad Umer’s resignation. This is adding to uncertainty as it points out that all is not well in the corridors of power, brokers said.