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Moderate trading on cotton market

MULTAN: Trading on the cotton market remained fairly moderate on Wednesday where spinners chased lint to meet their near-future demand.

Floor brokers said that the prices were stable due to sustained buying while power load-shedding has forced some spinning mill owners in Punjab to reduce the operation of their mills to one shift.

They said the local textile industry was under pressure due to the import of a huge quantity of fabrics from Vietnam and was seeking anti-dumping duty.

Phutti prices increased in Sindh from Rs3,125 to Rs3,225.

Overall deals of Rs3,400 maunds of phutti took place and prices of 40-kilogram phutti in Degree were Rs3,150/3,225, Thatta at Rs3,175, Badin at Rs3,150, Jhadu at Rs3,100 and Kotri at Rs2,900/3,000.

The Karachi Cotton Association kept its spot rate unchanged at Rs5,500. Major deals on ready the counter were: 600 bales in Mailsi at Rs5,475, 400 bales in Khanewal at Rs5,400, 1,600 bales in Bahawalpur at Rs5,250, 200 bales in Sanghar at Rs5,360, 400 bales in Shahdadpur at Rs4,700, 711 bales in Sanghar at Rs5,360 and 420 bales in Pir Mahal at Rs5,475.

Deals of the new crop included: 200 bales in Sanghar at Rs5,850, 400 bales in Kotri at Rs5,825, 200 bales in Tando Adam at Rs5,850.