20000218

Big lots change

hands on cotton market

RECORDER REPORT

KARACHI: Big lot continued to change hands though volume of business thinned, said brokers on Thursday. The prices stayed weak despite buying support coming from the private sector exporters, they added.

The official spot rates of cotton were again not revised as buying is not up to the level as the ginners would have expected. Thus, Niab was unchanged at Rs. 1,765, K-68 at Rs. 2,052.50 and MNH-93 at Rs. 2,079.75 with sales tax.

In ready also no much change was marked in prices. They ruled between Rs. 1,600 and Rs. 1,800.

In New York cotton futures stayed weaker. The spot March lost 34 cents to 55.40 cents a pound after trading between 56.15 cents and 54.80 cents a pound. The other May lost 22 cents to 57.63 after trading between 58.25 and 57 cents a pound.

Exporters have expressed happiness over TCP selling cotton around 43 and 44 cents a pound. They said it was encouraging that TCP was offered high prices despite drop in international prices to 55 plus cents.

Private sector exporters who have turned aggressive lately registered fresh contracts for 5,361 bales during February 15 and February 16. The destinations are Bangladesh, Indonesia and Thailand.

Following deals were noted: 1,000 bales Kandiaro at Rs. 1,600; another 1,000 bales from the same station was bought by the exporters at Rs. 1,600; 500 bales of Khipro at Rs. 1,650 (seed stuff); 1,200 bales of Daherki and Ghotki, etc at Rs. 1,800 (on credit); 300 bales of Mirpur, etc, at Rs. 1,755/Rs 1,765; 600 bales of Khanpur at Rs. 1,800; 500 bales of Muridwala at Rs. 1,725 and 200 bales of Yezman Mandi at Rs. 1,725.

KCA SPOT RATES

Niab Rs. 1765.00

K-68 Rs. 2052.50

MNH-93 Rs. 2079.75

CAKE FUTURES

Cake futures turned modestly lower on the forward cottonseed oilcake market on Thursday amid fairly large business activity.

The ruling March contract commenced 40 paisa lower at Rs. 335.20 and rose in the subsequent trading 30 paisa to claim to be the best at Rs. 335.50. Later, in depressed trading it lost the gain to turn lowest at Rs. 335.20 but closed higher at the highest level, to show a loss of 10 paisa.

The other May contract opened 60 paisa lower at Rs. 366 and in the subsequent trading it gained 70 paisa, to claim to be the highest at Rs. 366.70. Later, tradiing depressed and it lost the gain to turn lowest at Rs. 366 but wound up 50 paisa better at Rs. 366.50 to show a dip of 10 paisa.

The activity improved and turnover estimated at 600 lots.

MARCH VAIDA

Last Closing Rs. 335.60

Thursday's Opening Rs. 335.20

Highest Rs. 335.50

Lowest Rs. 335.20

Closing Rs. 335.50

MAY VAIDA

Last Closing Rs. 366.60

Thursday's Opening Rs. 366.00

Highest Rs. 366.70

Lowest Rs. 366.00

Closing Rs. 366.50