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Buyers undeterred by rising prices: 15,000 bales sold

RECORDER REPORT

KARACHI: A bustle of activity was seen on the cotton market on Tuesday during which nearly 15,000 bales of cotton changed hands, brokers said. Prices also shot up to Rs 2,000 per maund, but on credit, they added.

The official spot rates were further raised Niab was up by Rs 28.75 to Rs 1,667.25, K-68 up by same amount to Rs 1,966.25 and MNH-93 was up by Rs 17.25 to Rs 1,993.50, with ST.

In ready also, prices rose by around Rs 50. One deal was done at Rs 2,000 per maund, on credit for one and a half months. However, on cash payment basis prices ruled between Rs 1,600 and Rs 1,700, without ST.

In New York, cotton futures were higher, except October and December. However near months were bullish. Spot March rose by 0.20 cent to 56.35 after trading between 57.05 and 55.85 cents a pound. The other May was up 0.18 cent to 57.56 after trading between 58.10 and 57.10 cents a pound.

Mostly big lot affairs was witnessed on the market. However, it was surprising that rising prices did not deter the buyers. A couple of deals on credit fetched higher prices than on cash Ñ Rs 1,800 to Rs 2,000. The periods varied from one month to four months.

Following deals were noted: 200 bales of Buchehri at Rs 1,600; 3,000 bales of Mirpur Mathelo, Daherki etc., at Rs 1,750; 1,000 Daherki at Rs 1,804 (four months credit); 400 bales of Khanpur at Rs 1,740; 500 bales of Rahimyar Khan at Rs 1,750; 1,200 bales of Sadiqabad at Rs 1,750; 3,000 bales of Hasilpur at Rs 1,700; 3,000 bales of Mongi Bangla at Rs 1,600; 200 bales of Mian Channu at Rs 1,550; 500 bales of Lodhran at Rs 1,725; 1,000 bales of Rohri at Rs 2,000 (on one month and 20 days credit); 1,000 bales of Daherki at Rs 1,880 (two months credit); and 8,000 bales of Samundri at Rs 1,700.

KCA SPOT RATES

Niab Rs 1667.25

K-68 Rs 1966.25

MNH-93 Rs 1993.50

CAKE FUTURES

May vaida was launched on Tuesday with highest at Rs 358.50, lowest at Rs 353 and closing at Rs 356.50 on forward cottonseed oilcake market.

However, January and March rose sharply. The ruling January opened unchanged at Rs 318 and in the subsequent trading it rose by Rs 4 claim to be the highest at Rs 322. Later it lost the gain and it turned lowest at Rs 318 but it wound up at the highest level i.e. Rs 322, to depict a rise of Rs 4.

The March contract opened Rs 2.80 better at Rs 328 and in the subsequent trading it rose by Rs 1.20 to claim to be the highest at Rs 329.20. Later trading depressed and it Rs 1.40 to turn lowest at Rs 327.80 and wound up Rs 1.20 to Rs 329, to show a rise of Rs 2.20.

Trading was low and turnover estimated at 500 lots.

JANUARY VAIDA

Last Closing Rs 318.00

Tuesday's Opening Rs 318.00

Highest Rs 322.00

Lowest Rs 318.00

Closing Rs 322.00

MARCH VAIDA

Last Closing Rs 326.80

Tuesday's Opening Rs 328.00

Highest Rs 329.20

Lowest Rs 327.80

Closing Rs 329.00

MAY VAIDA

Highest Rs 358.50

Lowest Rs 355.00

Closing Rs 356.50