| Market in limbo as world cotton prices headed down KARACHI (January 29 2004): Cotton market turned cheerless as only one deal was reported struck. Understandably the situation developed following signals from New York that futures lost sharply, relevant sources said on Wednesday.
The official spot rate was unchanged at Rs 3250 without ST and upcountry expenses.
Only deal was struck at Rs 3200 Rs 50 down from the official rate. The station was Haroonabad and number of bales sold was 400. It is, however, understood the spinners took time to see how prices behave after sharp fall in world rate. March was down 1.88 cents to 73.76 and May 1.74 cents to 75.06 cents a pound.
Courtesy Business
Recorder
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