| Suspense in cotton market, as buyers sit on fence KARACHI (January 10 2004): Trading in cotton further dipped, spinners hoping prices may be reduced even further, before they restart buying, relevant sources said.
The official spot rate of grade III cotton slashed on Thursday by Rs 25 was left unchanged, much against the expectations of the buyers, sources said, adding that suspense was likely to whip up temptation to start buying.
The cotton futures in New York rose on Monday sharply, which are likely to give a boost to local cotton prices.
In New York, the March contract rose by 1.09 cents to 75.13 and May was up by 0.95 cent to 76.25 cents a pound.
Following deals were struck on Thursday: 1000 bales of Jhole done at Rs 3025; 1000 bales of Sanghar at Rs 2950/3030; 600 bales of Sadiqabad at Rs 3200; 1000 bales of RYK at Rs 3375; and 200 bales of Burewala at Rs 3385.
Courtesy Business
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