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September 4, 2010
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Raw cotton steadies amid dull trading

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September 4, 2010

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KARACHI: Raw cotton steadied on Friday amid dull trading because of low demand for the commodity, dealers said.
“Leading mill-owners have gone to perform Umrah because of the last 10 days of Ramazan and cotton buying has fallen due to low appetite for the commodity in the local market,” said a Karachi-based cotton trader, Shakeel Ahmad.
“Most of ginners are willing to sell the commodity on lower rates, but some buyers are available in the market, so the ready business has remained low.”
He said supply of the commodity is ample, as over 40,000 bales of cotton have been arriving daily in the local market.
Moreover, spot rates of the Karachi Cotton Association remained unchanged at Rs6,300 per maund and Rs6,752 per 40-kg for average quality ling, while seedcotton (Phutti) was priced at Rs2,850-Rs2,900 and Rs3,050-Rs3,100 per 40-kg.
The market turnover stood at 6,400 bales of raw cotton (170-kg each), including 400 bales each from Vehari, Burewala, Gojra and Chishtian; 200 bales each from Mian Channo, Bahawalnagar, Muridwala, Ghaziabad, Khanewal, Kahror Pakka, Chichawatni and 600 bales in mill-to-mill deals varying between Rs6,250 and Rs6,550 per maund and 800 bales from Shahdadpur;1,400 bales from Tando Adam; 200 bales from Mirpur Khas and 400 bales from Hyderabad ranging between Rs6,250 and Rs6,500 a maund.
In the international market the US cotton extended gains for the second straight day as futures for October and December rose 0.74 and 2.08 cents to 90.87 and 89.45 cents per pound at the International Commodity Exchange, New York.

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