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Commodities: Panic buying on cotton market
KARACHI: The cotton market stayed bullish on Thursday on panic buying amid fears of short crop which kept spinners on their toe.
After three consecutive hikes, the Karachi Cotton Association (KCA) left its spot rates unchanged at Rs8,650 per maund.The buyers’ prime concern was the poor quality of lint from Sindh where recent heavy rains battered the crop, brokers said.
However, the world leading cotton markets remained under pressure in line with the New York cotton which reeled further back. The Indian and Chinese markets closed mixed to easy.