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(From Business Recorder)
Byline: RECORDER REPORT
Official spot rate was up on the cotton market on Wednesday amid hectic buying by the mills, dealers said. The Karachi Cotton Association (KCA) official spot rate was higher by Rs 25 to Rs 2600, without upcountry expenses. It is expected that continued fall in the New York cotton market likely to dominate the local cotton markets, they said.
Some brokers said that the present pace of the trading activity might not continue in the near future as mills were confident that cotton arrivals are satisfactory. Due to the handsome arrival of phutti at the ginneries, there were some speculations the crop …