KARACHI (February 24 2004): Bit lots purchases were marked on the cotton market as prices maintained downswing on Monday amid hopes of further rise in return of spinners numbers, relevant sources said.

The official spot rate of cotton grade III was cut by another Rs 25 to Rs 3125 without ST and upcountry expenses.

In physical trading nearly 4000 bales of cotton were lifted though major quantity was sold at higher than spot rates sources said.

Meanwhile, KCA sources informed that food and agriculture minister assured to look into the matter of hedge trading and a definite decision will be taken after consulting all the stake holders.

The minister said cotton policy is ready and will be given a final shape after receiving suggestions from relevant people.

On contamination, he supported growers and ginners and advised buyers to encourage growers by paying them reasonable return.

The minister heard patiently hints that Balochistan could grow four to five times more if canals are improved.

Following deals were struck: 800 bales of Rasoolabad at Rs 2850, 1600 bales of Upper Sindh at Rs 3150 and Rs 3200, and 1200 bales of Rahimabad at Rs 3200.

Courtesy Business Recorder