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Steady trend on cotton market.

KARACHI -- In the midst of extremely slow trading cotton prices remained firm as spinners strived hard to get hold of stocks to meet their near future commitments.

However, tight supply position owing to depleted stocks and dwindling phutti arrivals kept activity dull and dreary, floor brokers said.

The persistent fall in world cotton prices particularly New York cotton market could not influence local price structure where tight supply position of cotton kept prices bullish, brokers said.

Almost all futures on New York cotton market reeled back to around 85.70 to 87.82 cents per Ib after touching peak level at around 93 to 94 cents per Ib about 10 days back. Expected slow demand from China during third quarter and release of cotton stocks by India helped check rising world prices.

The Karachi Cotton Association (KCA) spot rates remained firm at previous high level. Meanwhile, trading on ready counter was extremely slow as buyers were finding difficulty in getting quality premium cotton. The following transactions were reported on Tuesday: 1,000 bales, Mongi Bangla (low quality) at Rs5,500, 200 bales, Hasilpur at Rs6,500, 200 bales, Lodhran at Rs6,700, 600 bales, Mongi Bangla at Rs6,800, Rs4,800 bales, Haroonabad at Rs6,950, 2,100 bales, Khanpur at Rs7,100 and 1,055 bales, Lodhran (conditional) at Rs7,250.
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Publication:Balochistan Times (Baluchistan Province, Pakistan)
Date:Mar 28, 2013
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