KARACHI: Buyers made deals for better and second grade of lint on premium price while buying in second grade of lint remained on higher side with steady physical prices during past week, traders at Karachi Cotton Association (KCA) said Saturday.
They said buyers purchased all qualities on slightly higher price above spot rate during six trading sessions and market volumes also showed 15 percent increase comparing to previous past week to 24,000 bales of cotton. A senior trader of KCA, Ghulam Rabbani said spot rate at KCA stood firm and the majority of settlements declared at Rs 6,200 per maund while better grade of lint fetched over Rs 6,775 per maund. He said the lint market sentiments remained on firmer side due to compact trend in New York Cotton Market besides in anticipating improved better influx of cottonseed in ginneries. He said private sector commercial exporters consolidated their long positions and bought lint of mid-standard level during the trading sessions at around Rs 6,200 per maund.
He said stocks of better grades of lint were on shrinking and physical prices would likely go further higher of all grades despite the fact that import orders were in pipeline for around 10,000 bales. In the domestic market around 200 bales of Sanghar changed hands at Rs 6,625 per maund, 200 bales of Nawabshah at Rs 6,300 per maund, 200 bales of Hyderabad at Rs 6,325 per maund, 200 bales of southern Punjab at Rs 6,575 per maund and 200 bales of Yazman were sold at Rs 6,425 per maund. New York July Futures 2017 contract at 70 cents per pound, October Futures contract 2017 closed at 70 cents per pound and Cotlook A Index closed at 85 cents per pound.
Published in Daily Times, July 16th , 2017.