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Dull trading on cotton market
KARACHI, April 30:
Business deals on the cotton market showed a fall
on Thursday, taking lead from the negative trend
in the New York cotton futures.
A broker said that both ginners and spinners were
not interested in trading ahead of long holidays.
"There are holidays ahead so up-country ginners
were taking a breather as a small quantity of lint
reached city on Thursday," he said.
The Exchange would remain closed from Saturday to
Monday for May Day and Eid Milad-un-Nabi.
The exchange recorded good business for the last
two days, compelling the spinners to pay for the
asking prices.
On Thursday, only 800 bales changed hands.
Spinners were reluctant to offer higher rates than
the spot prices.
Meanwhile, New York cotton May futures recorded a
negative trend, declining to 60 cents a 1b on
Wednesday from 64.85 cents. The July futures fell
to 59.63 cents per lb from 62.63 cents.
Ready offtake totalled 800 bales, out of which 200
bales Moro were sold at Rs2,840, 200 bales Kot
Digi at Rs2,850, 200 bales each of Dadu and
Haroonabad at Rs2,750 and Rs2,850 respectively.
The market forces predicted that the prices would
remain stable after Monday as the ginners from
Punjab and upper Sindh would enter the market
after holidays.
Spot rate for base grade three cotton remained
unchanged at Rs2,875 on Thursday, excluding 15 per
cent sales tax and Rs50 per maund up-country
charges.
The News International, Pakistan
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Pakissan.com; Advisory Point
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