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Weekly Cotton Review: Prices fall sharply as production rises
KARACHI: Local cotton prices fell sharply on the domestic market, tracking a significant decline in New York cotton futures. Rates dropped by between Rs1,000 and Rs1,200 per maund. Meanwhile, cotton production has risen by 19.17 percent, with Sindh producing 1.528 million bales and Punjab 861,000 bales. A relatively higher supply of phutti (seed cotton) has also pushed its prices down. Trade circles say the market situation has now reversed. Ginners have begun settling thousands of pending bale contracts, while several textile mills are showing reluctance to honour deals they signed at higher ...
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