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Commodities: Cotton market steady
MULTAN: Steady conditions prevailed on the cotton market on Thursday where activity remained low due to lack of buying interest.
The Karachi Cotton Association reduced its spot rate by Rs50 to Rs8,800.
Ginners with stocks of good quality cotton are of the view that the value of Pakistani rupee will depreciate further against the dollar and hence are unwilling to enter into deals at low prices.
Meanwhile the cotton yarn market is also under pressure where prices have fallen by Rs100 per pound during the last few days.
According to sources, containers with 32,600 bales have also left for Pakistan from the US during this week.