KARACHI (February 20 2004): Modest support was noted on the cotton market as spinners were still reluctant to go full swing awaiting drastic cut in prices, relevant sources said.

Meanwhile ginners showed further relaxation by slashing Rs 25 from the grade III cotton to Rs 3150 without ST and upcountry expenses.

Some three deals were struck today, prices ranging between Rs 2650 and Rs 3300 (on credit).

Sources were noted sure whether today's cut in spot rate will satisfy spinners. In New York cotton futures were down substantially, March down 0.80 cent to 66.40 and May down 0.63 cent to 68.38 cents a pound.

Following deals were reported: 200 bales of Sanghar at Rs 2650, 200 bales of Shahpur Chakar at Rs 2810 and 1000 bales of Khanpur at Rs 3300 (on credit).

Courtesy Business Recorder