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Trading at standstill on cotton market
KARACHI (April 15 2004): Trading in cotton
virtually came to a standstill on Wednesday as no
deal was seen having struck, relevant sources
said. They said textile sector appeared in a bad
shape as sales were continuing on the lower side.
The official spot rate of grade III cotton was
again slashed by Rs 25 to Rs 2825 without ST and
upcountry expenses.
Another big fall in New York cotton futures was
seen. May was down 1.39 cents to 57.37 and July
down 1.28 cents to 59.41 cents a pound.
Meanwhile, cotton consultant Naseem Usman said
that cotton sellers are in tight corner as
substantial quantity of lint is awaiting any
outlet. The spinners are visiting the market only
when they most urgently need cotton. He said he
saw sector faced with crisis.
Following two of the four deals were lifted from
DMR: 600 bales of Salehpat at Rs 2600 and 400
bales of Rohri at Rs 2600.
Courtesy Business Recorder
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Pakissan.com; Advisory Point
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