Steady conditions prevailed on the cotton market on Thursday as buyers kept looking for quality lots.
At the outset, there was strong demand for quality lint from spinners who strived to build up their inventories.
However, shortage of quality lint disappointed many.
The rising trend in world’s leading cotton markets including New York cotton psychologically impacted trading, because during last two sessions, cotton prices rose between 3 to 3.5 cents per pound.
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The absence of buying interest from local spinners witnessed further decline in cotton prices on Thursday. Due to falling cotton prices, phutti (seed cotton) also came under pressure and moved lowered.
Ginners are perturbed by the situation as they are still holding substantial quantity of unsold cotton. Barring a few needy spinners who replenished their stocks, the market otherwise remained devoid of activity.
A large number of looms are reported to have shutdown in Faisalabad owing to th
