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No trading seen on cotton market
KARACHI (March 26 2004): Nil trading was reported
on the cotton market as prices firmed at lower
level but cotton market in New York showed ways to
spinners to wait for a short while to see how
ginners here behaved, relevant sources said.
The official spot rate of cotton was left
unrevised at Rs 2975 without ST and upcountry
expenses. The cotton futures on Tuesday registered
sharp losses though some recovery was seen on
Wednesday. The May had gained 0.40 cent to 65.26
and July up 0.46 to 66.64 cents a pound.
The sources were reluctant to give any reason for
such cheerless trading being observed these days.
They, however, said when short losses in world
rate, are seen, spinners wait a possible deduction
was expected.
Two deals seen on Wednesday were 400 bales of
Chundko done at Rs 2,825 and 300 bales of
Haroonabad at Rs 2,800.
Courtesy Business Recorder |
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Pakissan.com; Advisory Point
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