20000129

Brisk trading on

cotton market

RECORDER REPORT

KARACHI: Cotton market witnessed brisk trading on Friday, the volume rising to 10,000 bales, brokers said, adding that some deals might have taken place on Thursday.

The rates committee left the official rates of cotton unrevised. Hence the Niab was unchanged at Rs 1782.25, K-68 at Rs 2012.25 and MNH-93 unchanged at Rs 2033.75, with ST.

In physical trading, prices were firm and ruled between Rs 1400 and Rs 1780, without ST.

In New York, cotton futures were higher a cross the board. Spot March was up by 0.11 cent to 57.53 after trading between 57.90 and 56.56 cents a pound. The other may contract rose 0.17 cent to 58.82 after trading between 59 and 57.90 cents a pound.

Late in the evening brokers reported trading in cotton was heavy Ñ around 10,000 bales. They had not noted any deal until 4 pm, they said. All the deals were reported late in the evening. They also stressed that some deals might have been struck on Thursday, which were not reported on that day.

There was enthusiasm seen on the market which considered cotton policy as early as March would be that was always desired. A fund to keep cotton prices stable was also welcomed.

In the meantime, private sector exporters registered another 5724 bales destined for Bangladesh, Taiwan, Malaysia and Thailand. Total now is at 427,151 bales.

Following deal, were reported 200 bales of Mirpurkhas at Rs 1400; 500 bales of Shahdadpur at Rs 1450; 500 bales of Bandi at Rs 1450; 200 bals of Shahpur Chakar at Rs 1500; 300 bales of Adilpur at Rs 1750; 500 bales of Sadiqabad at Rs 1750; 500 bales of Rahimyarkhan at Rs 1750; 200 bales of Bahawalpur at Rs 1725; 4,500 bales of Ahmadpur East at Rs 1780; 600 bales of Chichawatri at Rs 1600; 350 bales of Liaquatpur at Rs 1680; 200 bales of Tantia Wali at Rs 1650; and 1,000 bales of Alipur at Rs 1700.

KCA SPOT RATES

Niab Rs 1782.25

K-68 Rs 2012.25

MNH-93 Rs 2033.75

CAKE FUTURES

Correction was evident in the futures on the forward cottonseed oilcake market on Friday where trading improved.

The March contract commenced 80 paisa lower to Rs 330.20 but in the subsequent trading it gained 70 paisa to claim to be the highest at Rs 330.90. Later trading depressed and it lost 70 paisa to turn lowest at Rs 330.20 but wound up 50 paisa higher at Rs 330.70, to show a loss of 30 paisa.

The May contract opened 70 paisa lower at Rs 361, and in the subsequent trading it rose by 50 paisa to claim to be the highest at Rs 361.50. Later in depressed trading it lost 90 paisa to Rs 360.60 but wound up 80 paisa higher at Rs 361.40, to show a loss of 90 paisa.

Trading was accelerated and turnover estimated at 600 lots.

MARCH VAIDA

Last Closing Rs 331.00

Friday's Opening Rs 330.20

Highest Rs 330.90

Lowest Rs 330.20

Closing Rs 330.70

MAY VAIDA

Last Closing Rs 362.30

Friday's Opening Rs 361.00

Highest Rs 361.50

Lowest Rs 360.60

Closing Rs 361.40