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Trading picks up pace on cotton market
KARACHI (March 28 2004): Trading in cotton on
Saturday gained acceleration pace as ginners
further reduced prices to lure the spinners to the
market, relevant sources said.
The spinners responded in the way ginners had
desired subject to a wait whether sales would
sustain when the market opens next week, they
added.
The official spot rate was reduced by Rs 25 to Rs
2950 without ST and upcountry expenses.
In ready, week's best sales were noted at around
10,000 bales and exposing spinners' intention that
they have accepted that the price level favours
them.
The sales also are likely to sustain because of
commerce ministry's efforts to convince EU that
anti-dumping duty would not hurt Pakistan
exporters as much as the EU interests.
Meanwhile ginners have opposed, on religious
ground, reintroduction of hedge trading in cotton.
Following deals were registered: 500 bales of
Shahpur Chakar at Rs 2675; 400 bales at
unspecified rate; 600 bales of Hasilpur at Rs
2900; 1000 bales of Karore Pacca at Rs 3000; 200
bales of Rajanpur at Rs 2950; 400 bales of
Sadiqabad at Rs 2500; 1200 bales of Bagho-Bahar (Khanpur)
at Rs 3000; 3200 bales of Rahimyar Khan at Rs
3000; and 400 bales at Rs 3850.
Courtesy Business Recorder |
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Pakissan.com; Advisory Point
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