KARACHI (March 17 2004): Modest trading was noted on the cotton market on Tuesday as ginners showed reservations in offering as in their view prices were low, relevant sources said on Tuesday.

The ginners who were reluctant, reduced spot rate by Rs 50 to Rs 2950 without ST and upcountry expenses.

In ready, about 5000 bales of cotton changed hands between Rs 2350 and Rs 3100.

New York cotton futures rose substantially. March was up 0.81 cent to 65.43 and July up 0.72 cent to 66.78 cents a pound.

Following deals were struck: 4000 bales of Rajanpur at Rs 3000; 400 bales of Tharushah at Rs 2350; and 1000 bales of Khanpur at Rs 3100.

Courtesy Business Recorder