KARACHI (March 10 2004): Trading remained cheerless on the cotton market on Tuesday as world rates continued to show softening trend, relevant sources said.

The official spot rate of grade III cotton was not revised as spinners had sidelined, with the clear message to bring down rates to their export parity level. The yarn prices are keeping low in view of demand being negative, sources said. The spot rate was Rs 3050.

The cotton futures in New York nose-dived, May losing 2.47 cents to 67.01 and July shedding 2.30 cents to 68.40 cents a pound.

Two deals were reported in DMR as follows: 200 bales of Sanghar at Rs 2565 and 2000 bales of Shorkot at Rs 3100.

Courtesy Business Recorder