20000326

Depressed trading

on cotton market

RECORDER REPORT

KARACHI: Depressed trading in cotton was marked, as prices maintained firm posture, brokers said on Saturday. Saturdays are often days in cotton trading, they added.

Official rates were not revised either way. Thus, the Niab was unchanged at Rs 2225, K-68 at Rs 2397.50 and MNH-93 at Rs 2436.25, with sales tax.

In ready, the volume of trading dipped to a little over 4000 bales. The rates ruled between Rs 2080 and Rs 2125, without ST.

NY cotton futures were mixed though near months stayed weak. The spot May lost 0.23 cent to 58.81 cents after trading between 59.55 and 58.50. The July lost 0.17 cent to 60.36 after trading between 61 and 60.10 cents a pound.

Only three deals were reported, all of Punjab types. They were all in big lots. This demonstrated that buyers harbour perception that prices are unlikely to fall.

Some spinners, however, taking time due to international prices lately, beat a gradual retreat. Such spinners are adopting wait and see attitude before beginning to lift cotton.

Following deals were struck: 2450 bales of Kabirwala done at Rs 2080; 792 bales of Khanewal at Rs 2080; and 1000 bales of Bahawalpur at Rs 2125.

KCA SPOT RATES

Niab Rs 2225.00

K-68 Rs 2397.50

MNH-93 Rs 2436.25