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Soft tone penetrates cotton market, spot rate down at Rs 2300.
(From Business Recorder)
Byline: RECORDER REPORT
Spot rate continued declining trend for the second day in a row in the cotton market on Saturday in the absence of proper demand by the mills and spinners, dealers said. The official spot rate, which was down by Rs 35 on Friday shed another Rs 15 to Rs 2300, without upcountry expenses.
In the ready business, prices of cotton were soft at Rs 2200-2300 in Sindh and in Punjab unchanged at Rs 2350. Phutti prices in Sindh stayed put at Rs 1025-1075,and Punjab variety prices retained the overnight level at Rs 1050-1100, dealers said.
Market sources said that trading activity was comparatively low …
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