20000312

Bullish trend

on cotton market

RECORDER REPORT

KARACHI: Cotton prices maintained bullish outlook on the market as private sector registered fresh contract for exports of 11,378 bales, brokers said.

However, volume of business remained depressed due to transportation problem, they added.

The official spot rates of cotton of the superior quality have crossed Rs 2,300 mark with Sales Tax (ST). K-68 rose by Rs 28.75 to Rs 2,311.25 and MNH-93 up by same amount to Rs 2,350. Niab was left unchanged at Rs 2,110.

In physical trading volume of business dipped to just 2,000 bales of cotton owing mainly to problems of transportation. The price sustained rise as one deal was struck at Rs 2,050 without ST. The prices ruled between Rs 1,900 and Rs 2,050 without ST.

Cotton futures maintained bullish outlook in New York as spot May rose by 0.59 to 63.60 cents a pound after trading between 63.75 to 62.60 cents a pound. The deferred July contract gained 0.69 to 64.80 cents after trading between 64.85 and 63.85 cents a pound.

Fresh contract for exports of 11,378 bales of cotton was registered during last four days. Total now for exports have peaked at 449,439 bales. The exports are meant for countries like Taiwan, Thailand, Bangladesh, and Korea. Some 5,000 bales of cotton remained unspecified.

Following deals were noted: 200 bales of Shahdadpur at Rs 1,900, 500 bales of Kumbh at Rs 1,950, 500 bales of Chundko at Rs 1,950, Ghotki (400 bales) done at Rs 2050 and 400 bales of Rahimyar Khan at Rs 2050.

KCA SPOT RATES

Niab Rs 2110.00

K-68 Rs 2311.25

MNH-93 Rs 2350.00

CAKE FUTURES

Futures on the forward cottonseed oilcake market maintained steady outlook on Saturday amid low business activity.

The March contract opened at unchanged level and closed with a loss of 20 paisa at Rs 341.

The May contract opened unchanged at Rs 376.30 but in the due course of trading it gained 10 paisa to claim to be the highest at the 376.40. Later trading lost 60 paisa to turn lowest at Rs 375.80 but wound up 50 paisa higher at Rs 376.30, to show neither gain nor loss.

The business activity was low and turnover estimated at 500 lots.

MARCH VAIDA

Last Closing Rs 341.20

Friday's Opening Rs 341.20

Highest Ñ

Lowest Ñ

Closing Rs 341.00

MAY VAIDA

Last Closing Rs 376.30

Friday's Opening Rs 376.30

Highest Rs 376.40

Lowest Rs 375.80

Closing Rs 376.30