KARACHI (February 17 2004): Cotton market is showing momentum as spinners have been lifting some bales on daily basis irrespective of the price, relevant sources said on Monday.

However, they hinted faster pace if yarn buying starts at equal pace, they said.

Official spot rate of grade III cotton was maintained Saturday level - Rs 3175.

A grower from Sindh Goma Mal said phutti in Sindh is still being supplied to ginneries and hoped it will continue upto March 15, 2004.

Meanwhile, consultant Naseem Usman thought the PCGA arrival statement is expected any moment.

The hoped for phutti arrival is expected around 94 million bales. He also upgraded the cotton product to just below 10 million bales.

Following deals were noted: 200 bales of Shahdadpur, at Rs 2800, 200 bales at Rs 2875 and 6000 bales of RYK, and Khanpur at Rs 3300.

Courtesy Business Recorder