20000330

Cotton prices remain bullish

RECORDER REPORT

KARACHI: Exporters have now switched over to lifting Niab leading to rise in its price, brokers said. The volume of business rose to 10,000 bales with prices remaining bullishly inclined, they added.

The Niab's official rate was raised again by Rs 28.75, while the other types stayed put. The Niab was quoted higher at Rs 1995, K-68 was unchanged at Rs 2196.25 and MNH-93 at Rs 2235, with sales tax (ST).

In physical trading, cotton prices reached peak at Rs 2100, finalised on four months credit. However, the lowest was marked at Rs 1725 and highest at Rs 2100, without sales tax.

New York cotton futures turned higher. The spot March contract rose by 0.70 cent to 57.58 after trading between 57.60 and 56.30 cents a pound.

Prices rose sharply in physical trading by Rs 100, though on credit. But, looking at the progressive rise it becomes clear that recently prices have been this way.

TCP's presence and exporters determination have prompted the spinners to continue buying, market sources said.

Following deals were finalised: 200 bales of Sanghar at Rs 1725; 200 bales of Moro at Rs 1825; 200 bales of Jam Saheb at Rs 1800; 600 bales of Kumbh at Rs 1800; 600 bales of Chundka at Rs 1800; 1000 bales at Rs 1903 (seed stuff); 600 bales of Daherki, Ghotki etc at Rs 1875; 2000 bales of Daherki, Mirpur Mathelo, Khanpur etc at Rs 1900; 1000 bales of Daherki etc at Rs 2100 (on four months credit); 1000 bales of Haroonabad at Rs 1900; 400 bales of Rahimyar Khan at Rs 1925; 1000 bales of Jalalpur Pirwali at Rs 1950 (exporters); and 400 bales of Karorepacca at Rs 1875.

KCA SPOT RATES

Niab Rs 1995.00

K-68 Rs 2196.25

MNH-93 Rs 2235.00

CAKE FUTURES

Firmer conditions obtained on the forward cottonseed oilcake market as May contract depicted a modest rise and March contract saw no trading for settlement of some issue.

May contract opened ten paisa higher at Rs 374.20 and rose during the subsequent trading by 30 paisa to claim to be the highest at Rs 374.50.

Later in depressed trading it lost 60 paisa to turn lowest at Rs 373.90 and wound up 40 paisa higher to close at Rs 374.30, to depict a rise of 20 paisa.

The ruling March contract which is on the way out, was not traded and hence it opened and closed unchanged at Rs 341.

Trading was depressed and turnover estimated at 400 lots.

MARCH VAIDA

Last Closing Rs 341.00

Tuesday's Opening Rs 341.00

Highest Rs _

Lowest Rs _

Closing Rs 341.00

MAY VAIDA

Last Closing Rs 374.10

Tuesday's Opening Rs 374.20

Highest Rs 374.50

Lowest Rs 373.90

Closing Rs 374.30