Cautious mills' buying was again witnessed on the cotton market on Saturday amid expectations for improvement in phutti arrivals. Official spot rate was unchanged at Rs 5,550. In the ready business, over 7000 bales of cotton changed hands between Rs 5500-5650. Prices of seedcotton in Sindh and the Punjab were unchanged at Rs 1600-2300.
RATE UPWARD TREND:
An upward trend was witnessed on the cotton market on Thursday as the ginners were demanding higher rates due to quality factor. Traders were not very active as the government declared holiday to protest against publication of sacrilegious cartoons.
APTMA:
The All Pakistan Textile Mills Association (APTMA) has condemned the Energy Management Cell (EMC) for ruining the Punjab-based textile industry, which is still enduring seven hours a day loadshedding rather than reducing it to zero.
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