20000115

Cotton prices substantially

up despite Indian ban

RECORDER REPORT

KARACHI: Cotton prices rose substanially despite fears that Indian decision to put a ban on imports would prove a settback, sources close to trade said on Friday. The volume of business was quite high, to console the ginners, they added.

The KCA rates committee revised official rates of cotton upward. The Niab rose by Rs. 28.75 to Rs. 1333.75, K-68 was up by same amount to Rs. 1650, and MNH-93 was up by Rs. 28.75 to Rs. 1683 all rates with sales tax.

Physical trading saw a satisfactory going, as the volume of business was around 6,000 bales of cotton. The rates further rose by Rs. 20 to Rs. 50. The prices ruled between Rs. 1,300 to Rs. 1475, without sales tax.

Cotton futures in New York maintained upward course. The March contract was sharply up by 1.03 cents to 54.75 after trading between 54.80 and 53.40 and May gained .85 cent to 55.95 after trading between 56.10 and 54.85 cents a pound.

Meanwhile, private sector exporters registered another 2,060 bales of cotton for exports to India and Bangladesh. The registration was effected on January 13. Out of 2,060 bales, Indian share is 530 bales. The total so far goes up to 375,144 bales.

Following deals were struck: 3,500 bales to Daherki, Ghotki and Mirpur Mathelo at Rs. 1450/Rs. 1475, 500 bales of Rajanpur at Rs. 1450, 500 bales of Khanpur at Rs. 1450, 1,500 bales of Sadiqabad at Rs. 1450/1475, 1,200 bales of Rahimyar Khan at Rs 1450/1475 and 200 bales of Muridwala at Rs. 1,300.

KCA SPOT RATES

Niab Rs. 1333.75

K-68 Rs. 1650.00

MNH-93 Rs. 1683.00

CAKE FUTURES

Mixed trend was marked on the forward cottonseed oilcake market on Friday, amid sluggish trading.

The ruling January contract opened unchanged at Rs. 314 and in the subsequent trading it rose by Rs. 315. Later it lost Re. 1 to turn lowest at the opening level. But wound up Re. 1 up at the highest level at Rs. 315, to depict a rise of Re. 1.

The March contract opened 50 paisa better at Rs. 322.20 and in the subsequent trading it rose by 30 paisa to turn highest at Rs. 322.50. Later it lost Re. one be the day's lowest at Rs. 321.50 and closing was also seen at the same level to show a loss of 20 paisa.

Trading was sluggish and turnover estimated at 400 lots.

JANUARY VAIDA

Last Closing Rs. 314.00

Friday's Opening Rs. 314.00

Highest Rs. 315.00

Lowest Rs. 314.00

Closing Rs. 315.00

MARCH VAIDA

Last Closing Rs. 321.70

Friday's Opening Rs. 322.20

Highest Rs. 322.50

Lowest Rs. 321.50

Closing Rs. 321.50