20000328

1,50,000 cotton bales

registered for

export in a fortnight

RECORDER REPORT

KARACHI: A record 1,50,000 bales of cotton were registered for export from March 13 to March 25, as prices rose further, knowledgeable circles reported on Monday.

The official spot rates were revised upward strengthened by sharp rise in registration of cotton for export to various destination. The short staple Niab was raised by Rs. 28.75 to Rs 2253.75, K-68 gained Rs 28.75 to Rs 2426.25 and MNH-93 was up Rs 28.75 to Rs 2465 with sales tax.

In ready section, 5,200 bales of cotton changed hands. The prices ruled between Rs 1910 and Rs 2200 (on two months credit) without sales tax.

Cotton futures from New York not received as market remained closed.

History was created as huge 1,50,000 bales of cotton were registered with the EPB during last fortnight. Market sources said that the quantity of cotton is combined contribution of TCP and private sector exporters. However, they were not clear about quantity to be exported by TCP and private sector exporters separately. The destinations are Bangladesh, Philippines, Thailand, Malaysia, Turkey and quantity was left unspecified.

Following deals were struck: 500 bales of Daulatpur at Rs 1910; 400 bales of unspecified station at Rs 2200 (on two months credit); 500 bales of Sahiwal at Rs 2075; 200 bales of Chichawatni at Rs 2075; 600 bales of Ahmadpur at Rs 2140; 3500 bales of Rahimyar Khan at Rs 2050 and 200 bales of Haroonabad at Rs 2000.

KCA SPOT RATES

Niab Rs 2253.75

K-68 Rs 2426.25

MNH-93 Rs 2465.00

CAKE FUTURES

Futures turned weaker on Monday on the forward cottonseed oilcake market where fairly large business was seen.

The ruling May contract opened unchanged at Rs 376.70 and rose by 30 paisa in subsequent trading to claim to be the highest at Rs 377. Later in low pace of trading it lost 60 paisa to turn lowest at Rs 375.90 and closing was also seen at the same level, to show a loss of 40 paisa.

The newly launched July contract commenced at Rs 392 and highest was also seen at the same level. Later in depressed trading it lost Rs 1.40 to turn lowest at Rs 390.60 and closing was also seen at Rs 390.60, to show a loss of Rs 1.40.

Trading activity improved and turnover was estimated at 600 lots.

MAY VAIDA

Last Closing Rs 376.70

Monday's Opening Rs 376.70

Highest Rs 377.00

Lowest Rs 375.90

Closing Rs 375.90

JULY VAIDA

Last Closing Rs 392.00

Monday's Opening Rs 392.00

Highest Rs 392.00

Lowest Rs 390.60

Closing Rs 390.60