KARACHI (February 26 2004): The trading dipped completely on the cotton market as observation of Muharram began and spinners sidelined ahead of long holidays, relevant sources informed on Wednesday. The yarn continues to discourage spinners to strike new deals, they added.

The official spot rate was slashed by Rs 25 again, despite cotton futures in New York showing up. Such situation, when world rates jump, while local cotton prices dip, develops rarely, sources said.

The futures in New York, such as in March gained 0.30 cent to 69 and May gained 0.51 cent to 71.16 cents a pound.

Deals were not struck today but BMR has provide two deals struck on Tuesday in 400 bales of Khairpur at Rs 3000 and 1200 bales of Haroonabad at Rs 3050.

Courtesy Business Recorder