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Related Keywords: attracted many small spinners, Karachi Cotton Association, Low cotton prices, meet their day to day demand, Pakistan cotton market, result renewed buying interest, spot rates unchanged, who mostly depend on short covering

Low cotton prices attracted many small spinners who mostly depend on short covering to meet their day to day demand. As a result renewed buying interest was seen on Tuesday at the Pakistan cotton market.

Phutti (seed cotton) prices also came down and were being quoted in the range of 3,300 to 3,350 per 40 kilograms. However, reports from cotton fields suggested that very little phutti has left for picking.

Brokers said that leading spinners are currently preoccupied in payments against their imports and were conspicuous by their absence.

Related Keywords: Low cotton prices, mills to cut down yarn production

In Tamil Nadu, most of textile mills have cut down yarn production by 30-40% due to drop in cotton prices and the cotton prices was in the range of Rs. 50,000 per candy.

As the end-season prices almost reaching Rs 50,000, there was no point in continuing normal production, as the prices of yarn were not matching the higher cost of production, putting the mills into heavy loss, industry sources said.