KARACHI (February 28 2004): Some pace in cotton trading was marked, presumably due to a perceived threat the New York cotton futures' abrupt jump infused in buyers, the relevant sources said.

The buying seen today ahead of long holidays offers no other rationale but the trend seen in New York cotton rates, they said.

The official spot rate of grade III cotton remained unchanged at Rs 3100 without ST and upcountry expenses.

Sharp upswing was marked in New York - March up 2.40 cents to 71.50, and May up 3.00 cents to 73.16 cents per pound.

More or less 6000 bales of cotton changed hands at prices between Rs 2825 and Rs 3200, in the ready market.

Following deals were struck: 500 bales of Shahdadpur at Rs 2825, 1000 bales of Qazi Ahmad at Rs 3000, 1000 bales of Mondodero at Rs 3150, 600 bales of Ghotki at Rs 3200, 2000 bales of Saheb Pat at Rs 3150 and 200 bales of Rahimyar Khan at Rs 3100.

Courtesy Business Recorder