| Official cotton price down, as trading takes a breather KARACHI (January 09 2004): All big deals were noted on the cotton market in slightly lower volume on Thursday as ginners deemed it necessary to reduce prices to attract what the brokers call "Halk maal," relevant sources said.
The official spot rate of grade III cotton was pulled down by Rs 25 to Rs 3275 without ST and upcountry expenses.
All deals, around 8000 bales, offered on Wednesday were in lots of 1000 bales or above, at prices between Rs 2950 and Rs 3350.
Apprehending that spinners might not show buying interest as at the moment the cut in official spot rate is to send a signal that ginners do appreciate buyers' problem.
However, following deals were furnished on Thursday: 1000 bales of Shahdadpur at Rs 3030/3100; 1000 bales of Sanghar of Rs 3000/3050; 1000 bales of Shahpur Chakar at Rs 2950/3100; 1000 bales of Khairpur dist at Rs 3175; and 4400 bales of Haroonabad at Rs 3200/3350.
Courtesy Business
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