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Prices rise on cotton market following New York
futures trend
KARACHI (April 24
2004): Cotton prices got a boost in local market
as cotton futures in New York rose sharply, said
relevant sources said, adding that spinners lifted
over 2000 bales at lower prices.
The spot rate of grade III cotton was raised by Rs
25 to Rs 2875 without ST and upcountry expenses.
In ready, spinners were on the market and bought
modest quantity of cotton to escape whatever loss
possible.
In New York, May was up sharply by 1.03 cents to
64.48 and July up 0.65 cent to 63.26 cents a
pound.
The ginners have been in pressure and unless
international prices come to their aid they are
likely to reduce spot rate to avoid imports,
sources said.
Following deals were furnished: 600 bales of
Sanghar at Rs 2500; 400 bales of Bria at Rs 2775;
1000 bales of Kumbh at Rs 2850; and 200 bales of
Muridwala at Rs 2275.
Courtesy Business Recorder |
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Pakissan.com; Advisory Point
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