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Commodities: Ginners reluctant to sell at current rates
MULTAN: Slow trading was witnessed on the cotton market on Saturday as ginners were reluctant sellers anticipating surge in prices amid short global production of the commodity.However, the Karachi Cotton Association kept its spot rate unchanged at Rs9,000 per maund.
In its latest monthly report, the US Department of Agriculture (USDA) reported a decrease of 0.52 per cent, or 0.63 million bales, in cotton production across the world with sharp losses were recorded in Pakistan, Turkey, Australia and Republic of Mali.