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Cotton market wears cheerless look
KARACHI (April 25
2004): Cotton market wore cheerless look on
Saturday as spinners showed their determination
not to yield to pressure from ginners or any
foreign factor, relevant sources said.
The official spot rate, which was raised by Rs 25
on Friday, was reduced by the same amount to Rs
2850, without ST and upcountry expenses.
The brokers were unable to furnish any deal on
Saturday because,they said, spinners were
determined to buy only when prices would suit
their export parity.
Meanwhile, cotton futures in New York were mixed.
May was down 0.53 cent to 63.95 cents, and July up
0.54 to 63.80 cents a pound.
Courtesy Business Recorder |
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Pakissan.com; Advisory Point
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