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Commodities: Slow trading on cotton market
KARACHI: After witnessing brisk activity throughout the week, the cotton market on Saturday turned lackluster as buyers withdrew to the sidelines. Trading resumed on a dull note, however overall undertone was steady and outlook positive.
Ginners avoided entering into deals in the hope of getting higher prices as demand peaks while the arrival of new crop is likely to be delayed.
During the week, cotton from Sindh and Punjab was quoted between Rs7,300 to Rs9000 per muand and official spot rates remained pegged at Rs8,800 per maund.