20000322

Cotton trading resumed

on firmer note

RECORDER REPORT

KARACHI: Trading resumed on cotton market on firmer note on Tuesday, as buyers lifted good quantity of the lint, ginners said. In ready the prices peaked at Rs. 2150 per maund, without sales tax (ST), they added.

The official spot rates remained unchanged. The Niab was unchanged at Rs. 2167.50, K-68 at Rs. 2368.75 and MNH-93 at Rs. 2407.50, with ST.

In ready, prices depicted bullish trend, as was expected by certain quarters. The prices ruled between Rs.1900 and Rs. 2150, without sales tax.

Cotton futures in New York depicted sharp downturn. Spot March contract lost 1.55 cents to 61.14 after trading between 62.31 and 61.01 cents a pound and May lost 1.59 cents to 62.54 cents a pound after trading between 63.50 and 62.35 cents a pound.

Almost half of the deals struck on cotton market were in lots of over 1,000 bales reflecting continual interst of the spinners to cover their needs, market sources said. They said that recovery was improving in Asia and therefore, importers were in a position to pay more.

However, value-added products are facing hurdles in finding market because of high raw material prices in the country, they said. Officials are expected to address the problems which can help in boosting exports, they added.

Following deals were noted: 200 bales of Shahdadpur done at Rs. 1975; 400 bales of Naushahro at Rs. 1900; 300 bales of Khirpro at Rs. 1900; 200 bales of Tando Adam at Rs. 2050; (seed stuff); 200 bales of Salaput at Rs. 2025; 1,900 bales of Fazilpur at Rs. 2050; and 1,000 bales of Kabirwala at Rs. 2150.

KCA SPOT RATES

Niab Rs. 2167.50

K-68 Rs. 2368.75

MNH-93 Rs. 2407.50

CAKE FUTURES

Steady conditions obtained on the forward cottonseed oilcake market on Tuesday amid goot bit of trading.

The ruling March contract opened unchanged at Rs. 341 but during the day's trading it rose by 20 paisa to Rs. 341.20. However, later it lost the gain and closing was seen at Rs. 341.

The other May contract commenced 30 paisa better at Rs. 376.10. Later in day's trading it rose by 40 paisa to claim to be the highest at Rs. 376.50. Later, it lost the gain and turned lowest at Rs. 376.10 but wound up 40 paisa higher at Rs. 376.50 to show a rise of 70 paisa.

Business was fairly large and turnover estimated at 500 lots.

MARCH VAIDA

Last Closing Rs. 341.00

Tuesday's Opening Rs. 341.00

Highest Rs. 341.20

Lowest Rs. 341.00

Closing Rs. 341.00

MAY VAIDA

Last Closing Rs. 375.80

Tuesday's Opening Rs. 376.10

Highest Rs. 376.50

Lowest Rs. 376.10

Closing Rs. 376.50