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Only one deal reported on cotton market
KARACHI (April 02 2004): 'No' was the answer by
the operators on the cotton market who said they
had their eyes fixed on phone lest some deals took
place in cotton. This was despite the fact that
prices have gradually being coming down, they
said.
The official spot rate of cotton was pulled down
by Rs 25 to Rs 2925 without ST and upcountry
expenses.
The cotton futures in New York nose-dived with
both contracts-shedding full three cents. The May
was down 3 cents to 62.10 and July down same
amount to Rs 63.90 cents a pound.
The sources reiterated their feeling that deals
taking place daily are not being furnished to
brokers or made public.
However, they said spinners do sideline hoping the
prices might thus be relaxed further.
The only deal DMR printed having yielded on
Wednesday was in 400 bales of Haroonabad at Rs
2800.
Courtesy Business Recorder |
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Pakissan.com; Advisory Point
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