20000317

Cotton prices raised

under buyers' influence

RECORDER REPORT

KARACHI: Cotton prices were raised on the eve of Eid-ul-Azha holidays on Thursday but the buyers stayed on the sidelines, brokers said.

The officials spot rates of cotton were raised, in utter surprise to many, because buyers were trying to influence prices.

However, the Niab was down by Rs 28.75 to Rs 2167.50, K-68 up by Rs 28.75 to Rs 2368.75 and MNH-93 up sharply by Rs 40.25 to Rs 2407.50 with sales tax (ST).

In ready bargain was reported between sellers and buyers but any deal could not be finalised.

In New York futures turned mixed as spot may was down while distant July rose. The May contract lost 0.14 cent to 63.22 cents a pound after trading between 63.95 and 62.80 cents. The July contract rose by 0.4 cent to 64.54 cents after trading between 65.10 and 64.05 cents a pound.

Deals were not struck on Thursday but interesting anecdotes were reported on such as phutti was taken back from ginners as prices could not be settled. According to brokers' body, secretary Naseem Usman informed that strong action has been noted in Khanewal where growers of cotton were restricted. It may be recalled that agriculture department earlier had for bidden growers from sowing cotton before May 1, 2000. Similar action was also reported from Gojra.

However, a deal was reported which might have been struck after usual office hours. The deal was in 500 bales of Mirpurkhas around Rs 1,900.

KCA SPOT RATES

Niab Rs 2167.50

K-68 Rs 2368.75

MNH-93 Rs 2407.50