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Spot rate slashed ahead of new crop arrival.
Byline: RECORDER REPORT
Expectations for good crop for the current year, pushed the spot rate lower ahead of fresh cotton arrival and Trading Corporation of Pakistan (TCP) tender, brokers said on the cotton market on Saturday. After maintaining a stable trend for a long time the official spot rate was reduced by Rs 50 to Rs 3,350. In the ready business about 3,000 bales of cotton changed hands between Rs 3,300-3,335; they said.
Phutti price in Sindh was unchanged at Rs 1,850 per maund, they added. According to the market sources, some mills showed renewed interest in fresh buying of cotton to meet the urgent needs. Present price line is suitable for the buyers. The …
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