OKARACHI (February 22 2004): Modest trading was noted on the cotton market but the pace of sales ginners would like to prevail was considerably restricted, relevant sources reported. The sources advised to lift results from the DMR.

The official spot rate of cotton was left unchanged to see if some direction is signalled from possible quarters. It was left at Rs 3150 without ST and upcountry expenses.

Meanwhile, the production estimate emerging from Multan meeting on February 21, 2004 was at 10 million bales.

The ginners contention that production would be at 9.6 million bales, in view of less than standard weight per bale, was not taken into consideration by the officials present in the meeting, informed sources pointed.

The DMR showed following deals struck on Friday last: 1000 bales of Khairpur at Rs 2850/2900; 3000 bales of Khanpur at Rs 3125/3260; and 500 bales of Sadiqabad at Rs
2900 (low mic).

Courtesy Business Recorder