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Commodities: Cotton prices come under pressure
KARACHI: Cotton prices slightly came under pressure on Thursday on reports that new season’s phutti (seed cotton) arrival from lower Sindh could start earlier than anticipated. Textile spinners remained active in covering up their near future demand.
Last week, cotton prices maintained an upward trend on short supply of quality lint in domestic market. Some market sources said that after continuous rise in cotton prices, there was a need for some correction. Lower rates in leading world cotton markets also influenced domestic trade.
Cotton sowing is going on in Sindh and no shortage of irrigation water is there. Hence, the arrival of cotton from lower Sindh could be much earlier.