Karachi
The cotton market witnessed brisk activity on Monday, as traders were indulged in panic buying to replenish their stocks ahead of the monsoon onset on Tuesday, brokers said.
Some 8,600 bales of cotton were traded in the ready markets of Sindh. Prices quoted at Rs Rs5,950-6,100/maund.
The Karachi Cotton Association (KCA) reduced spot rate by Rs50 to Rs5,750/maund or equivalent to 37.324 kilograms.
Brokers said that a fear of heavy rains brought new demand expectation to the market with spinners went on to book large stocks to meet their requirement.
Similarly, most ginneries were seen to sale stocks at the prevailing prices. They fear the lint prices to decline further as long as monsoon season advances in the country.
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