| New York futures cast gloom over cotton market KARACHI (January 30 2004): Cotton market was under the spell of what was going on in New York, as spinners stayed on the sidelines, awaiting prices softening further, the relevant sources said on Thursday.
The official spot price was not revised and left at Rs 3250 without ST and upcountry expenses.
New York futures were under intense pressure as prices nose-dived, March and May down full three cents to 70.76 and 72.06 cents a pound, respectively.
Sources were a little reluctant in foretelling what was in store for prices later, when trading resumes on Friday.
However, DMR reported only three deals - 1000 bales of Rahimyar Khan at Rs 3300, 1000 bales of upper Sindh at Rs 3325 and 1000 bales of Chishtian at Rs 2900.
Courtesy Business
Recorder
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