20000307

7,000 bales change hands on cotton market

RECORDER REPORT

KARACHI: Nearly 7,000 bales of cotton changed hands as prices maintained steady outlook on Monday, brokers said. NSC member visited KCA and said cotton policy was being announced in a matter of days, they added.

Meanwhile the official spot rates of cotton remained unchanged at the week-end level. The Niab, therefore, was quoted at Rs 2081.25, K-68 at Rs 2225 and MNH-93 at Rs 2263.75, with sales tax (ST). In physical trading good quantity of cotton sale was observed. The prices ranged between Rs 1910 and Rs 1950 without ST.

Cotton futures rates from New York were not received. Only superior Sindh and Punjab lint changed hands on Monday.

It was learnt that NSC member Shafi Niaz visited KCA where he was reported to have said that the government would buy cotton when prices would fall below support price. Another version was that the government would buy "surplus cotton."

Meanwhile cotton crop assessment committee which met in Karachi, agreed to as ex-farm crop size of 10.5 million bales.

Following deals were reported: 5,000 bales of Mirpur Mathelo, Ghotki, Khanpur Mahar and Deherki at Rs 1950; 600 bales of Yaro Lund at Rs 1925; 800 Pano Aqil at Rs 1910; and 600 bales of Bahawalpur at 1950.

KCA SPOT RATES

Niab Rs 2081.25

K-68 Rs 2225.00

MNH-93 Rs 2263.75

CAKE FUTURES

Futures turned softer on the forward cottonseed oilcake market on Monday, boosting trading activity after a couple of depressed goings.

The ruling March contract commenced unchanged at Rs 341.50 and lighest was also marked at the same level. Later it lost 50 paisa to turn lowest at Rs 341 and wound up also at the same level, to show a loss of 50 paisa.

The other May contract opened 40 paisa lower at Rs 376.60 and was seen highest also at the same level. Later trading depressed and it lost 70 paisa to turn lowest at Rs 375.90 and closing was also seen at the same amount to depict a loss of Rs 1.10.

Trading rose and turnover was estimated at 600 lots.

MARCH VAIDA

Last Closing Rs 341.50

Monday's Opening Rs 341.50

Highest Rs 341.50

Lowest Rs 341.00

Closing Rs 341.00

MAY VAIDA

Last Closing Rs 377.00

Mondaty's Opening Rs 376.60

Highest Rs 376.60

Lowest Rs 375.90

Closing Rs 375.90