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Brisk buying on cotton market
KARACHI: The cotton market remained steady on Friday amid sustained demand from big and small buyers.
Apart from procuring cotton locally, large-sized spinning units are equally focused on imports to meet a huge gap of around five million bales, according to market reports,.
Much of the buying originated from textile mills which have no DTRE facility and have to depend on local cotton. However, those mills which can avail the remission of duty and taxes scheme are seeking imports.
The world leading cotton markets remained under pressure with New York cotton closing lower for all future contracts.
The Indian cotton also shed between Rs300-500 per candy (356kg).