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Two deals reported on cotton market
KARACHI (April 14 2004): A couple of deals were
finalised on cotton market on Tuesday manifesting
that spinners would lift lint matching prices with
export parity and quality, relevant sources said.
The official spot rate of grade III cotton was
left unchanged at Rs 2850 without ST and upcountry
expenses.
In ready, until the usual office hours two deals
were reported at Rs 2400 per maund.
In New York sharp reversal was seen in cotton
futures. May was down 2.96 cents to 58.76 and July
down same amount to 60.69 cents a pound.
The scenario change being observed lately is
favouring buyers and it appears that local lint
prices cannot escape the impact of prices ruling
abroad.
However, whether spinners consider the price line
suitable enough will depend on their purchases.
Following two deals were reported; 800 bales of
Sadiqabad at Rs 2400 and 400 bales of Sakrand at
the same rate.
Courtesy Business Recorder
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Pakissan.com; Advisory Point
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