KARACHI (March 12 2004): Trading on cotton maintained sluggish outlook a spell that broke since Monday on hopes that prices are likely to plunge, said relevant sources on Thursday.

The spot rate resisted revision to stay at Rs 3,000 without ST and upcountry expenses.

The brokers said that there was silence and they had heard of no deals, which, however, they hoped to start receiving late in the night.

Cotton futures in New York jumped by 0.62 cents to 64.43 and July gained 0.71 cents to 66.11 cents a pound.

However, following deals were lifted from the KCA's DMR: 400 bales of Hingorja done at Rs 2,625, 3,000 bales of Haroonabad at Rs 2,700/2,850, 200 bales of Muridwala at Rs 3,100 and 700 bales of Gojra at Rs 3,075.

Courtesy Daily Business Recorder