KARACHI (March 21 2004): Good bit trading in cotton was marked, mostly in Sindh lint, at lower prices which suited the exporters of yarn and textile items, relevant sources said on Saturday.

The spot rate was unchanged at Rs 2975 without ST and upcountry expenses.

In ready, over 8000 bales of cotton changed hands at rates between Rs 2650 and Rs 2950.

New York cotton futures saw nominal rise. May was up 0.17 cent to 67.92 and July 0.01 cent to 69.12 cents a pound.

As ever, heart burning was evident this season also as buyers alleged that cotton stocks with ginners should be higher, while sellers alleged that cotton buyers have tendency to buy cotton at Rs 50 to Rs 100 above from abroad.

Meanwhile, KCA chairman has urged authorities to immediately allow hedge trading in cotton, sources said.

Following deals were struck: 3200 bales of Upper Sindh at Rs 2650; and 5000 bales at Rs 2900/2950.

Courtesy Business Recorder