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Cotton market remains steady
KARACHI, April 23:
Cotton market remained steady as cautious
purchasing by spinners bolstered prices to move
little up on Thursday.
"Spinners and mills came in the market for the
last four days and made selective buying. It seems
that they have decided to restrain ginners to
further increase prices," brokers said.
Some 4,000 bales were transacted till evening
including those of 1,600 prime quality bales from
Khanawal at Rs3,000 per maund, besides 1,000 bales
from Dehrki at Rs2,900; 800 bales of Mehrab at Rs
2,600 and 600 Saleh Pat at Rs2,650.
The interesting feature is that some of the mills
were indulging in big-lot business in an apparent
effort to grab the floating stock of fine lots at
the prevailing prices, market player said.
Keeping in view the supply and demand factors,
ginners may not follow the rise or fall on the New
York Cotton Exchange, market sources said.
"The size of the crop is below the target and
ginners are speculating further increase in local
prices rather than decline," they said.
New York cotton futures closing on Thursday took a
turn upward and rose by 196 and 77 cents per lb at
63.45 and 62.61 cents for both the ruling May and
the forward July settlements, respectively. Local
official spot rates remained unchanged at Rs2,850
per maund. On ready board some 1,200 bales of
Chunni Goth changed hands at Rs2,850.
The News International, Pakistan |
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Pakissan.com; Advisory Point
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