20000302

Mill to mill deal

comes to light

on cotton market

RECORDER REPORT

KARACHI: First mill to mill deal of 2000 bales came to notice on the cotton market on Wednsday where 8000 bales changed hands, brokers said. Prices in the market remain bullish, as buyers continued to zealosly replenish their requirement, they added.

The KCA rates committee raised further Niab's official rate. It was revised higher by Rs. 28.75 to Rs. 2023.75. K-68 was unchanged at Rs. 2196.25 and MNH-93 at Rs. 2235.00, with sales tax.

In ready, prices kept inching up slowly and then stablished. The rates ranged between Rs. 1575 and Rs. 1925, without sales tax.

Cotton futures in New York showed weakness. The spot March sharply lost 0.98 cent to 57.10 after trading between 57.10 and 56.20 cents a pound.

Exporters are reported to be repenting having secured contracts but failed to cover when prices suited their parity, market sources said. They had thought that bumper crop would stand by them and prices would not goso high as Rs. 1950/2000 per maund from 1100/Rs 1200 per maund, sources added.

However, exporters have registered another 6291 bales on February 28 and 29, taking the total to 428,280 bales, minus cancellation.

Following deals were struck: 830 bales of Mirpur Khas at Rs. 1575; 400 bales of Jam Saheb at Rs. 1800; 500 bales of Bucheri at Rs. 1725/1750; 1600 bales (K-68) of Daherki, Ghotki and Mirpur Mathelo at Rs. 1900; 2000 bales mill to mill sold at Rs. 2000; 200 bales of Dera Ghazi Khan at Rs. 1900; 400 bales Yezman Mandi at Rs. 1890; and 200 bales of Karora Pacca at Rs. 1925.

KCA SPOT RATES

Niab Rs. 2023.75

K-68 Rs. 2196.25

MNH-93 Rs. 2235.00

CAKE FUTURES

Firmer conditions were maintained on the forward cottonseed oilcake market on Wednesday where fewer deals were struck owing to higher prices.

The ruling March contract comenced unchanged at Rs. 341 but during day's trading it rose by 50 paisa to claim to be the highest though it soon lost the gain to turn lowest at the opening level and closing was also seen at the same amount.

The other May contract opened 40 paisa better at Rs. 374.70 and in subsequent trading it lost Rs. 1.10 to claim to be the highest at Rs. 375.80. Later trading lost lustre and it lost the earlier gain to turn lowest at Rs. 374.70 but wound up Re. 1 higher at Rs. 375.50, to show a rise of Rs. 1.40.

Trading was low and turnover estimated at 500 lots.

MARCH VAIDA

Last Closing Rs. 341.00

Wednesday's Opening Rs. 341.00

Highest Rs. 341.50

Lowest Rs. 341.00

Closing Rs. 341.00

MAY VAIDA

Last Closing Rs. 374.30

Wednesday's Opening Rs. 374.70

Highest Rs. 375.80

Lowest Rs. 374.70

Closing Rs. 375.70