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Conditions dull on cotton market

RECORDER REPORT

KARACHI: Dullness was marked on the week-opening session at cotton market on Monday as mills buying was not seen due to money problems brokers said they added that trading came under pressure owing to lack of motivating factors on both political and economic fronts.

The official spot rates for all varieties were uniformly reduced by Rs 11.50. Thus, Niab was quoted at Rs 2098.50, K-68 at Rs 2282.50 and MNH-93 at Rs 2321.25, with sales tax.

Cotton futures from New York were not received but market sources said that bearish tendency was likely to continue in the coming days.

In the meantime, cotton people were thunder-struck on report about acute shortage of water in Sindh cotton growing areas. However, hopes were rekindled as the Chief Executive himself took serious note of the problem and directed to overcome the prevailing crisis.

Ginners were in a quandary because buying support was disappointing. Even exporters, who are regularly acquiring fresh orders and getting them registered with the EPB, appeared reluctant customers.

KCA SPOT RATES

Niab Rs 2098.50

K-68 Rs 2282.50

MNH-93 Rs 2321.25

CAKE FUTURES

Prices moved both ways on Monday at the week's opening session on the forward cottonseed oilcake market where business was thin because of lack of motivating factors.

The May vaida commenced with a loss of 80 paisa at Rs 374.10 and closed at the same level. In the process of trading it gained Rs 1.30 to be day's best at Rs 375.40 and it shed Rs 1.40 to be day's bottom at Rs 374.00.

The next July contract started the session with a fall of 50 paisa at Rs 396.80 which proved to be day's lowest at the same level. Later, it picked up 60 paisa to be day's highest at Rs 398.40 and market closed at Rs 398.30 to show a gain of Re. one for the day.

Trading was low and turnover was estimated at 600 lots.

MAY VAIDA

Last Closing Rs 374.90

Monday's Opening Rs 374.10

Highest Rs 375.40

Lowest Rs 374.00

Closing Rs 374.10

JULY VAIDA

Last Closing Rs 397.30

Monday's Opening Rs 396.80

Highest Rs 398.40

Lowest Rs 396.80

Closing Rs 398.30