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Local markets saw sharp drop in cotton prices over closure of textile mills

YarnsandFibers News Bureau 2017-06-30 17:15:00 – Karachi

All Pakistan Textile Mills Association (APTMA) after announcing its decision that they are closing down their textile mills over dull attitude of the government, delay in releasing refunds and higher cost of doing business, the local markets witnessed sharp drop in cotton prices.

The chairman Cotton Ginners Forum, Ahsanulhaq from Rahim Yar Khan said that on the first day of trading session at cotton market, the cotton prices dropped sharply by Rs 300 to Rs 6100 per maund.

Bearish trend witnessed in the cotton market since last two weeks and on average price of cotton has been declined by Rs 900 per maund, he said.

The continuous bearish trend in cotton market has perturbed the growers and people attached to the cotton circles.

The price of cotton has been down also because of the global price which depicted slow and diminish trend.

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