Holiday mood pervades cotton market.

Byline: DR ZAFAR HASSAN

Barring another two or three working days when some mills may pick up modest quantities of cotton from the market, most of the industry is preparing for gradually slowing down their production to tune in with the approaching Eid-ul-Fitar holidays.

Transport to haul cotton from the ginning factories to the mills will also be less available henceforth. Government has declared the Eid holidays from the 31st of August to the 3rd of September, 2011 inclusive. Therefore most of next week will also witness little or no business activity so that full scale business may not resume till the second week of September, 2011.

Some cotton trading may be conducted over the next couple of days when mills carrying little or no inventories of cotton may shop for some cotton to tide over the next couple of weeks. Mills sources said that some of the mills who had earlier carried expensive cotton have essentially reduced their burden and may start purchasing cotton come September.

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