990401

Higher asking price

of cotton keeps

buyers away

RECORDER REPORT

KARACHI: Higher asking prices Ñ Rs 2,500 per maund on the opening of cotton market after Eid holiday, sidelined the buyers, and the holiday mood was still having sway, brokers said. The brokers visiting cotton market to say Hello Hello said cricket matches are taking their toll adding tomorrow's fixture between Pakistan and India would have telling effect on cotton trading. A movement in trading may begin from Friday or Saturday, they hoped.

The Karachi Cotton Association (KCA) which issued official rates left then unchanged. The rates committee may first feel the pulse of trading and then revise rates, possibly on Monday, next. The Niab was unchanged at Rs 2,518.25, K-68 at Rs 2,754, and MNH-93 at Rs 2,792.75.

In New York only July contract was exception which dropped marginally while the rest looked up. The May contract up 0.5 cent to 59.29 after trading between 60 and 59.25 cents a pound and July lost 0.6 cent to 59.53 after trading between 60.20 and 56.50 cents a pound.

About today's trading the market sources were of the view that ginners were waiting for resumption of trading after Eid to reap rich harvest. Naturally the ginners did not oblige. Prices in the international markets have come down as low as 59 cents, meaning contract already entered had no chance of going topsy turvy, they said.

Meanwhile, they revealed that sowing has been ventured in lower Sindh while experts are advising Punjab to wait till May 1. They pointed out that damages to crop during the last few years were due to early sowing exposed to untimely rains and excessive heat.

Asking prices for the Punjab type was Rs 2500 and for the Sindh type Rs 2250/2300, was the reason why the sellers and buyers could not find a meeting ground.

KCA SPOT RATES

(1998-99 CROP PER MAUND)

Niab Rs 2518.25

K-68 Rs 2754.00

MNH-93 Rs 2792.75