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A couple of deals reported on cotton market

RECORDER REPORT

KARACHI: A couple of deals were struck late on Friday before shutters were pulled down, market sources said.

However, about the low business activity they said that Eid was just hours away and Friday is usually a thin business day.

The rates committee also left the official spot rates unrevised, as long holidays were ahead. Thus Niab was unchanged at Rs. 1,259, K-68 at Rs. 1,581, MNH-93 at Rs. 1,619.75 with sales tax (ST).

In physical trading, only two deals were reported which were priced between Rs. 1,150 and Rs. 1,375, without sales tax.

In New York, prices rose across the board. Spot March rate rose by 0.52 cent to 52.08 cents a pound after trading between 52.10 and 51.55 cents a pound. The other May contract rose by 0.53 cent to 53.36 after trading between 53.46 to 52.98 cents a pound.

Buying support is fluctuating both ways Ñ for obvious reasons. The buyers are conscions that bumper crop is expected. The buyers Ñ the spinners and exporters Ñ are trying to keep prices at a level which suit their parity.

Fresh registration of 7,423 bales by private sector has been reported. India is again the major buyers, along with Bangladesh. The total cotton to be exported reached 355,439 bales.

Since prices at which exports are expected are not known the actual income to Pakistan cannot be calculated.

Following deals were reported; 600 bales of Rahimyar Khan at Rs. 1,375 and 500 bales of Nawabshah at Rs. 1,150.

KCA SPOT RATES

Niab Rs. 1259.00

K-68 Rs. 1581.00

MNH-93 Rs. 1619.75