| Buying restraint effective in lowering cotton prices KARACHI (January 20 2004): The cotton sellers geared up their courage to reduce cotton prices further, a policy aimed at getting rid of remaining few lakh bales with them, relevant sources said.
The buying has been reduced to some 5000 bales a day to continue pressure on the ginners, sources said.
The official spot rate of grade III cotton was slashed by Rs 25 to Rs 3175 without ST and upcountry expenses on Monday.
The prices in ready stayed firm, which raised between Rs 2800 and Rs 3450 per bale, depending on quality.
Following deals were reported: 200 bales of Tando Adam at Rs 2800, 200 bales of Kandiaro at Rs 3050, 200 bales of Nawabshah at Rs 3125, 4000 bales of upper Sindh at Rs 3275/3300, 400 bales of Chichawatni at Rs 3450 and 500 bales of Haroonabad at Rs 3200.
Courtesy Business
Recorder
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