KARACHI (March 18 2004): Movement was evident on the cotton markets as spinners resumed calculated buying after a long gap to observe the price trend, the relevant sources said on Wednesday.

The official spot rate of grade III cotton, slashed on Tuesday, was unchanged at Rs 2950 without ST and upcountry expenses, as ginners were hoping that price trend could change to the better.

In ready, over 7,000 bales of cotton changed hands in the price range of Rs 2900 to Rs 3000.

Cotton futures in New York maintained uppish trend though it was modest. May was up 0.36 cent to 65.79 and July up 0.14 cent to 66.90 cents a pound.

Following deals were noted: 400 bales of Mailsi at Rs 2900, 6500 bales of Rohri and Saleh Pat and 1000 bales of Mandedero at Rs 3000 each.

Courtesy Business Recorder