20000101

All varieties

spot rates modestly

raised

RECORDER REPORT

KARACHI: Trading remained in low profile on the cotton market, for as Friday is usually a thin day. Besides, banks are closed for three days and Eid is only a week away, market sources said.

The official spot rates of cotton were revised upward modestly by Rs. 11.50, manifesting that spinners and private sector exporters are bound to return the three quoted rates of Niab, K-68 and MNH-93 were unifermly raised by Rs. 11.50 to Rs. 1,218.75, Rs. 1,517.75 and Rs. 1,579.80 respectively with sales tax.

Cotton futures in New York rose sharply owing to fund buying. China has reduced its forecast for its 1999 cotton crop. However, spot March rose sharply by 1.13 cents a pound to 50.74 after trading between 51 and 49.60 cents a pound. The May was up 1.05 cents to 52.16 after trading between 52.25 and 51.12 cents a pound according to reports.

Meanwhile, the TCP intends to lift the lint with the ginners after Eid. That means that payment would also be made after Eid.

According to reports ginners have urged authorities to arrange more funds for the Corporation to expite lifting.

On December 30, exporters registered 1,670 bales for exports, taking the total to 306,406 bales. Exports are predicting a swift return of the exporters and spinners to the market. "We do not rule out accelerated buying by both so that they are not left behind," they said.

KCA SPOT RATES

Niab Rs. 1218.75

K-68 Rs. 1517.75

MNH-93 Rs. 1579.80

CAKE FUTURES

Futures depicted mixed trend, January showing sharp gains, on the forward cottonseed oilcake market when it reopened after a day closure due the death anniversary of Hazar Ali (R.A.).

The ruling January contract commenced 70 paisa better at Rs. 307.80, and in the subsequent trading rose sharply by Rs. 1.70 to claim to be the highest at Rs. 309.50. Later trading depressed and it lost Rs. 1.90 to turn lowest at Rs. 307.60 and closing was seen 90 paisa higher at Rs. 308.50, to show a rise of Rs. 1.40.

The next March contract opened unchanged and rose by Re. 1 to be the highest at Rs. 318.60. Later trading depressed it lost sharply by Rs. 1.80 to turn lowest at Rs. 316.20 but wound up 30 paisa higher at Rs. 316.50 to depict a loss of Rs. 1.10.

Trading was modest and turnover estimated at 400 lots.

JANUARY VAIDA

Last Closing Rs. 307.10

Friday's Opening Rs. 307.80

Highest Rs. 309.50

Lowest Rrs. 307.60

Closing Rs. 308.50

MARCH VAIDA

Last Closing Rs. 317.60

Friday's Opening Rs. 316.50

Highest Rs. 318.60

Lowest Rs. 316.20

Closing Rs. 316.50