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Cheerless conditions reported on cotton market
KARACHI (April 09 2004): Cheerless conditions were
reported on the cotton market as prices maintained
low profile, relevant sources said on Thursday.
The official spot rate of grade III cotton was
unchanged at Rs 2900 without ST and upcountry
expenses.
In New York, cotton futures were hardly different
from previous rate. However, May was down 0.04
cent to 61.68 while July stayed put at 63.76 cents
a pound.
In ready no deal was furnished on Thursday while
it was hoped that deals will start landing late in
the night.
Since ruling world rate suits spinners they are
planning to import 200,000 bales or so, in
addition to around one million bales already have
arrived, to pressurise ginners to make local
cotton prices more rationale.
However, only deal struck on Wednesday was 1400
bales of Haroonabad at Rs 2700 to Rs 3000.
Courtesy Business Recorder
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Pakissan.com; Advisory Point
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