20000310

Cotton market

not much active

RECORDER REPORT

KARACHI: The volume of business on the cotton market declined as transportation for cotton because difficult, the brokers said most of the trucks would engaged in transportation of sacrificial animals, they added.

The official spot rates of cotton were maintained at the previous level. Anyway Niab was unchanged at Rs. 2,110, K-68 at Rs. 2,253.75 and MNH-93 at Rs. 2,292.50 with sales tax.

In physical trading cotton price rose as higher as Rs. 2,100 per maund, though the deal was reported to pay: "Anyway the prices ruled between Rs. 1,750 and Rs. 2,100 without sales tax (ST).

New York futures were higher for the third day running. The March contract rose by 0.85 cent to 60.50 cents a pound after trading between 60.90 to 59.60 cents a pound. The distant May contract rose sharply by 1.15 cents to 62.79 cents after trading between 62.90 cents to 61.80 cents to a pound.

There is nothing new about trading losing pace during festivals and hence volume fell on Thursday to just 4,000 bales.

Problem is that buyers can enter into bargain but transportation remained hitch. The trading likely to move with snails pace until Eid-ul-Azha holiday.

Following deals were struck: 200 bales of Mirpur Khas at Rs. 1,750; 1,500 bales of Ahmadpur East at Rs. 2,100; 200 bales of Jahanian at Rs. 1,975; 608 bales of Vehari at Rs. 2,000; 5000 bales of Bahawalpur at Rs. 2,000 and 1,000 bales of Haroonabad at Rs. 1,975/Rs. 2,000.

KCA SPOT RATES

Niab Rs. 2110.00

K-68 Rs. 2253.75

MNH-93 Rs. 2292.50

CAKE FUTURES

Firmer conditions obtained on the forward cottonseed oilcake market on Thursday leading to depressed trading.

The ruling March contract commenced unchanged at Rs. 341 but in subsequent trading it gained 20 paisa to claim to be the highest at Rs 341.20. Later, in depressed trading at lost the gain to turn lowest at Rs. 341 and it wound up higher by 20 paisa to Rs. 341.20 to show a rise of 20 paisa.

The other, May contract opened unchanged at Rs. 376.10 but gained 30 paisa to claim to be the highest at Rs. 376.40. But later, trading depressed and it lost 50 paisa to turn lowest at Rs. 375.90. It, however, wound up higher at Rs. 376.30, to show a gain of 20 paisa.

Trading activity slackened and turnover estimated at 400 lots.

MARCH VAIDA

Last Closing Rs. 341.00

Thursday's Opening Rs. 341.00

Highest Rs. 341.20

Lowest Rs. 341.00

Closing Rs. 341.20

MAY VAIDA

Last Closing Rs. 376.10

Thursday's Opening Rs. 376.10

Highest Rs. 376.40

Lowest Rs. 375.90

Closing Rs. 376.30