☰
Commodities: Stability returns to cotton market
KARACHI: The cotton market remained steady on Tuesday amid a decent flow of buying orders originating from some small and medium-sized textile spinning unit.
The buyers were attracted by falling cotton prices. Some market reports suggested that lower quality cotton was the main focus of buying from textile spinning mills.
The global trend in cotton prices also influenced domestic prices which moved lower. Falling cotton production figures did not induce buyers as they remained firm in their approach of short-term buying strategy.
With latest cotton production giving bleaker picture private estimates now put cotton production at less than 8.5 million bales against initial government projection of 15m bales, brokers said.