| Cotton market in limbo second day running KARACHI (February 08 2004): There was no marked change of hands in cotton deals in the market second day running, following almost one full week's closure on various counts, relevant sources said on Saturday.
The official spot rate also showed no change at Rs 3250.
In New York on Friday, futures rose substantially, March by 0.57 cent to 69.07 cents, and May by 0.72cent to 71.37 cents a pound.
Meanwhile, total consumption by mills was registered at 11,439,445 bales, much above the average till recent years. The fact demands cotton production to be raised upto 12 million bales, more particularly in view of the fact that the world would soon go quota-free.
Courtesy Business
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