| Rising trend in cotton prices KARACHI (January 01 2004): World cotton rate maintained support to local cotton price though spinners showed a little
tardiness in extending modest support on Wednesday, relevant sources said.
The official spot rate of grade III cotton was pulled higher by Rs 25 to Rs 3225 without ST and upcountry expenses.
In New York trading March contract rose by 0.40 cent to 74.37 and May up by 0.47 cent to 75.42 cents a pound.
According to sources, the spinners are on look-out for quality cotton which is becoming scarcer with every passing day.However, sources said nearly 100,000 quality lots will be offered at higher rate.
Following fresh deals were reported: 400 bales of Tando Adam at Rs 2900; 400 bales of Shahdadpur at Rs 3050; 400 bales of
Nawabshah at Rs 3100; and 1900 bales of Muridwala and 3000 bales of Samundri at Rs 3300 each.
Courtesy Business
Recorder
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