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Hectic trading on cotton market

RECORDER REPORT

KARACHI: Hectic trading was marked on cotton market during which volume of business rose to 11,000 bales on Thursday.

KCA's Daily Market Report has printed fresh registration of 394 bales on January 12, 2000. However, knowledgeable circles here confirmed Judia is not willing to buy cotton from Pakistan.

The official spot rates were restricted to Wednesday's level, such as Niab as Rs 1,305, K-68 at Rs 1,621.25 and MNH-93 at Rs 1,654.25 with sales tax.

Big lot galore was marked in finalised deals which peaked at 11,000 bales. However, prices in ready rose by around Rs 50 to rule between Rs 1,150 and Rs 1,425 without sales tax.

In New York cotton futures also rose across-the-board. The spot March gained 1.66 cents to 53.56 after trading between 53.95 and 53.20 and May was up by 1.47 cent to 54.87 after trading between 54.70 to 55.25 cents a pound.

The knowledgeable circles fear price hike if India does not lift thousands of bales already ordered for imports. However, prices remained firmer on Thursday.

Following deals were reported: 200 bales of Nawabshah done at Rs 1,200; 2,000 bales of Baandi at Rs 1,200; 1,000 bales of Sakrand at Rs 1,200; 600 bales of Rahimyar Khan at Rs 1,425; 600 bales of Sadiqabad at Rs 1,425; 1,500 bales of Rajanpur at Rs 1,415/1,425; 200 bales of Kot Ghulam Muhammad at Rs 1,150; 500 bales of Kazi Ahmad at Rs 1,200; 2,000 bales of Daherki around Rs 1,500, 500 bales of Haroonabad at Rs 1,350; 500 bales of Lodhran at Rs 1,375 and 500 bales of Choti at Rs 1,400.

KCA SPOT RATES

Niab Rs 1305.00

K-68 Rs 1621.25

MNH-93 Rs 1654.25

CAKE FUTURES

Futures on the forward cottonseed oilcake market maintained sharp gains on Thursday amid restrained trading.

The ruling January contract commenced unchanged at Rs 312. In the subsequent trading it gained Rs 2.50 to claim to be the highest at Rs 314.50. Later it lost the gain to turn lowest at the opening level i.e. Rs 312. Later it regained Rs 2 to close higher at Rs 314 to depict a rise of Rs 2.

The other March contract commenced at 90 paisa better at Rs 821.30 and in the subsequent trading it rose by 40 paisa to claim to be the highest at Rs 321.70. But it lost Rs 1.30 to turn lowest at Rs 320.40 and closing was seen higher by Rs 1.30 to Rs 321.70, to depict a gain of Rs 1.30.

The trading was low and turnover estimated at 400 lots.

JANUARY VAIDA

Last Closing Rs 312.00

Thursday's Opening Rs 312.00

Highest Rs 314.50

Lowest Rs 312.00

Closing Rs 314.00

MARCH VAIDA

Last Closing Rs 320.40

Thursday's Opening Rs 321.30

Highest Rs 321.70

Lowest Rs 320.40

Closing Rs 321.70