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Cotton market in doldrums
KARACHI (February 18 2004): The spinners took to
the sidelines on the cotton market in the hope
that production might touch 10 million bales; and
yarn was stated to have lost Rs 20 per bundle,
relevant sources said.
The spot rate was unchanged at Rs 3175 and futures
rate from New York was not received to give any
idea of prevalent situation.
In ready, brokers did not report any fresh deals
being struck as spinners expect cut in cotton
rates. The yarn price is not picking up,
discouraging spinners to continue buying.
Courtesy Business
Recorder
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