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Firmer trend marked on cotton market

RECORDER REPORT

KARACHI: Firmer trend were marked on cotton market at the weekend as prices did not show any change amid improved activity.

The official spot rates for all types remained unchanged. Niab was quoted unchanged at Rs 1,765.00, K-68 at Rs 2,081.25 and MNH-93 at Rs 2,120.00, with sales tax.

The cotton futures in New York gave up their overnight gaining trend as spot March lost 0.57 cent to 56.97 and May lost 0.70 to 58.8 cents a pound.

Claims and counter-claims regarding cotton production continued raising the question as to how much lint should be exported. The value-added sector was in the field as buyer of lint saying semi-raw material exports would make yarn exports pretty hard. Spinners did not tire of asking the government to hold TCP cotton stocks and sell it to Aptma, instead of exporting the same.

Following deals were struck on Saturday: 1,000 bales from Sanghar at Rs 1,680; another 1000 bales from same station done at Rs 1,600; 3000 bales from Shadadpur at Rs 1,500; 200 bales from Mirpurkhas at Rs 1,450; 800 bales from Kandyaro at Rs 1,665; 2,000 bales from Rahimyar Khan at Rs 1,800; 600 bales from DG Khan at Rs 1,750; 500 bales of Rajanpur at Rs 1,775; 200 bales from Vehari at Rs 1,700; 400 bales from Kotla Pathan at Rs 1,730; 500 bales from Khanpur at Rs 1,750 and 300 bales from Sadiqabad and 200 bales from Kotla Pathan done at the same rate.

CAKE FUTURES

Both contracts moved both ways on the forward cottonseed oilcake market on Saturday in the process of modest business.

The March opened with 10 paisa gain at Rs 335.00 and closing was seen at the same level. It picked 30 paisa to be at the day's best at Rs 335.30. During the day it lost 70 paisa to be at the day's bottom at Rs 334.60, but closed at Rs 335 with 10 paisa gain.

The May vaida commenced the day on a firm note, showing 20 paisa rise at Rs 366.80. Amid thin activity it managed to gain 30 paisa to be at the day's best at Rs 367.10. Later, it shed Rs 1.10 to be day's lowest at Rs 366.00 and business ended the weekend session with a loss of 40 paisa at Rs 366.20.

Business was sluggish and turnover was estimated at 500 lots.