| Trading zero as bears take over cotton market KARACHI (February 12 2004): Sharp setback in cotton prices sidelined buyers of cotton to take a breather before returning to market, relevant sources said. The buying support was zero on Wednesday, they said.
The official spot rate of grade III cotton was left unchanged at Rs 3200 per mound, but US cotton futures in early months showed losing three full cents in both March and May.
Meanwhile, stepped up activity was marked to got hedge trading started, Naseem Usman said.
The PCGA, KCA met twice in last few days to swing authorities to allow cotton trading in kerb. Naseem said the Aptma has also relaxed its stance in respect of hedge trading.
However, he was surprised to see commodity exchange where he said membership card had gained in advance trading eight times of its original price.
Courtesy Business
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