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Spinners do some shopping on cotton market
KARACHI (April 17
2004): Changed scenario on the international level
forced the local spinners to do some shopping in
cotton to escape possible loss if rising tempo
continued, relevant sources said on Friday.
The official spot rate of grade III cotton was
unchanged at Rs 2800 without ST and upcountry
expenses.
In ready, more or less 5000 bales of cotton
changed hands at prices between Rs 2725 and Rs
2900 per mound.
Sources said that over 4 cents rise in New York
cotton futures prompted the spinners to go beyond
their calculated buying. However, they said that
whether buying support would continued or not will
have to be seen.
The deals struck were: 2600 bales of Mandodero
done at Rs 2725; 400 bales of Bucheri at Rs 2900;
400 bales of Kot Laloo at Rs 2900; 800 bales of
Rajanpur at Rs 2865; and 600 bales of Samundri at
Rs 2900.
Courtesy Business Recorder |
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Pakissan.com; Advisory Point
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