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Spot rate, lint, phutti prices nosedive as cotton market crashes.
Byline: RECORDER REPORT
Drastic cut was seen in ready and the spot rate on the cotton market on Saturday in a single session, thus, since the week started, the rates fell by Rs 2000 to Rs 5300, dealers said. The Karachi Cotton Association (KCA) official spot rate was brought down sharply by Rs 700 to Rs 6,000, they said.
In the ready business, about 3,400 bales of cotton changed hands between Rs 5300-6300, showing a decline of Rs 400 amid rising trend in phutti arrivals, they said. Phutti prices in both Sindh and Punjab also came down sharply at Rs 2400-2500 and at Rs 2500-2600, respectively, they said. According to the market sources, prices came down steeply as …
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Magazine article from: Business Recorder
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