KARACHI (March 06 2004): Trading in cotton appeared to be gaining pace on Friday as the ruling prices turned favourable to buyers, relevant sources said. The local lint prices are constantly under pressure because world rates are showing softness, they added.

The official spot rate of Grade III lint was unchanged at Rs 3075, without ST and upcountry expenses.

In New York, March contract lost 0.90 cent to 67.60 and May shed 1.5 cents to 68.97 cents a pound.

Over 3000 bales of cotton changed hands at prices ranging between Rs 2600 and Rs 3150.

It was learnt that a meeting was being held at Rahimyar Khan to discuss hedge trading in cotton.

Following deals were noted: 1000 bales of Shahdadpur at Rs 2600; 500 bales of Shahpur Chakar at Rs 2700; 245 bales of Rahimyar Khan at Rs 3150; 200 bales at Rs 3100; and 1600 bales of Liaquatpur at Rs 3100.

Courtesy Business Recorder