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No trading reported on cotton market
KARACHI (April 08 2004): The trading on cotton
market during normal working hours was nil as the
world prices were persistently showing softening
trend, relevant market sources said on Wednesday.
The official spot rate of grade III cotton was
unchanged at Rs 2900 as sellers waited in vain to
see situation turn in their favours. The spinners
are also awaiting local prices to follow
international trend.
The cotton futures in New York maintained retreat.
May was down 0.46 cent to 61.72 cents, and July
down 0.35 cent to 63.76 cents a pound.
It was learnt that SBP Governor visited KCA on
Wednesday where issues related to cotton trading,
hedge etc came up. But according to sources
nothing concrete emerged.
However, deals struck on Tuesday and printed in
the DMR on Wednesday were: 1000 bales of Nawabshah
at Rs 2700; 1100 bales of upper Sindh at Rs 2900;
500 bales of Burewala at Rs 2900; 1400 bales of
Rahimyar Khan at Rs 2900; 200 bales of Rahimyar
Khan at Rs 1800; and 1300 bales of Sadiqabad at Rs
2400.
Courtesy Business Recorder |
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Pakissan.com; Advisory Point
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