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Cotton market still in holiday mood

RECORDER REPORT

KARACHI: Cotton market was still under spell of long vacations on account of Eidul-Fitr due to which it saw lacklustre conditions on Tuesday, market sources said. This was not an unusual experience as traders come for mainly exchanging greetings, they added.

The official spot rates were left without any changes. Thus Niab was unchanged at Rs. 1,259, K-68 at Rs. 1,581, and MNH-93 at Rs. 1,619.75 with sales tax.

In physical trading only one deal was reported in Punjab lint at Rs. 1,385, without ST.

Cotton futures in New York were substantly lower. Spot lost 0.40 cent to Rs. 53.56 cents a pound after trading between 53.95 and 53.20. The May contract shed 0.22 cent to 54.87 after trading between 55.25 and 54.50 cents a pound.

The rains though belated, have sent a wave of satisfaction which people said would end the fog in Punjab which was affecting the quality of cotton and growth of wheat. Now things might turn better, sources said.

However, they did not predict any change in prices which are likely to stay in Sindh at Rs. 1,050/Rs. 1,100 and in Punjab/upper Sindh at Rs. 1,400 or around.

Exporters are disturbed at the changing International scenario and may not continue to be as aggressive as they are now.

Only one deal was struck in 200 bales of Rahimyar Khan at Rs. 1,385.

KCA SPOT RATES

Niab Rs. 1259.00

K-68 Rs. 1581.00

MNH-93 Rs. 1619.75