KARACHI (March 11 2004): Cotton trading continued to remain dull for the second day in a row which looked deserted as spinners waited to see the impact of sharp losses in world rates, relevant sources said on Wednesday (March 10, 2004).

The official spot rate of cotton was dropped in line with the thinking of cotton buyers which reflected world trend. The spot rate was reduced by Rs 50 to Rs 3000 without ST and upcountry expenses.

In ready, nil trading was observed for the second consecutive day.

Cotton futures in New York trading were down sharply. May was lost three cents to 64.01 cents a pound, and July was down by same amount to 65.40 cents a pound.

Sources gave a hint that due to closure-like conditions in 'kapra' and yarn markets, spinners kept a watch from sidelines.

Courtesy Daily Business Recorder