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Cottonfalls

Karachi

Cotton demand remained higher on Tuesday, as 36,200 bales were traded in Sindh and Punjab regions.

The spot rates at the Karachi Cotton Exchange revised downwards at Rs6,000/maund, while the commodity was actually traded at the rates ranging from Rs5,750/maund to Rs6,250/maund.

Dealers said the demand was higher from the millers and traders in expectations of slowdown in supplies followed by trade halt between India and Pakistan. Pakistan imports around 40 percent of cotton exports from India to meet its local demand.

However, there was enough supply to cater to the demand that kept the prices from moving upwards. Pakistan’s textiles sector may need to fulfill its requirement by cotton from Brazil and United States, that may add to their cost. This season growers have sown more corn and sugarcane and reduced cotton acreage.

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