KARACHI: The spot rates at the Karachi cotton market for average-quality lint remained unchanged at Rs12,000 per maund and Rs12,860 per 40kg on Friday, dealers said.
The market witnessed dull trading as cotton failed to attract much buying interest, said Naseem Usman, chairman of the Karachi Cotton Brokers Forum.
He also said that the mills slowed their buying and the other hand local and international yarn market is under pressure.
At the International Commodity Exchange (ICE), raw cotton futures contracts for May delivery dropped by 1.31 cent to $1.9604 a pound.
In the domestic market 559 bales were sold including 159 bales of raw cotton (170kg each) in Dherki, 200 bales each from Mian Chunnu and Muhammad Pur Dewan, varying in the range of Rs11,000 to Rs11,200.
Moreover high quality seedcotton (Phutti) was available at Rs4,500 per 40kg and low quality at Rs3,500 per 40kg.
(Source: http://www.thenews.com.pk/TodaysPrintDetail.aspx?ID=41825&Cat=3&dt=4/16/2011)
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