| Spot prices slide further on cotton market KARACHI (February 11 2004): Trading in cotton resumed after Eid holidays though in a modest way as prices showed softening trend following sharp retreat in world rates, relevant sources said on Tuesday.
The official spot rate of grade III cotton was pruned by Rs 25 for the second day running to Rs 3200 per mound.
Trading in ready was noted around 4000 bales, at rates ranging between Rs 2700 and Rs 3400.
In New York sharp losses were noted, March down 1.11 cents to 67.96 and May down 1.10 cents to 70.27 cents a pound.
Following deals were noted: 400 bales of Sanghar at Rs 2700, 800 bales of Jhol at Rs 3100, 1600 bales of Khanpur at Rs 3400 and 800 bales of Alipur at Rs 3225.
Cotton cakes rates were not received as grain market was closed.
Courtesy Business
Recorder
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