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World

AFP
October 15, 2010
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Cotton prices remain firm

World

AFP
October 15, 2010

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KARACHI: Cotton prices remained firm on Thursday, but are likely to go up during the next week, a cotton broker said.
“The market will rebound after a week, as buyers will consolidate their long positions in the wake of rising international prices,” the trader said.
He said ginners would make a comeback with higher asking rates on growing demand for fine lint.
Mills purchased fine lots on slightly higher prices, around Rs7,570 per maund, he said.
Brokers said around 21,000 bales changed hands, most of them in Punjab. Leading spinners bought fine grade lint.
The dealer said that cotton from Sindh fetched higher price, around Rs7,570 per maund, on the back of greater demand from spinners. He said the New York cotton market is still undergoing a correction phase, but fundamentals are strong because of China’s re-entry after holidays.
The broker said the domestic prices will go up, as buyers are already paying slightly higher price on ready deliveries. He said most of the deals in Punjab were made between Rs7,225 per maund and Rs7,515 per maund. In Sindh, deals were made at prices between Rs7,350 per maund and Rs7,570 per maund.

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