DailyTimes | Lint trading remains moderate amid firm physical prices  

Lint trading remains moderate amid firm physical prices  

Lint trading remains moderate amid firm physical prices   

KARACHI: Trading activity on the cotton market remained moderate on selective demand while second grade of lint fetched premium price, fibre traders said. More than 600 bales changed hands and Karachi Cotton Association (KCA) spot rate remained intact at Rs 6,750 per maund. Floor brokers said the buyers remained busy covering their long positions by striking deals for better grade of lint on slightly higher price. Ghulam Rabbani, a senior fibre trader said there was no change in domestic front although the international market was in selling but it was only a timely profit taking and the market values would come back in next coming sessions. Sellers are not reducing the prices and asking price on the same level where good stuff is on highest mark of Rs 6,800 per maund, he added. He said India's domestic cotton prices have continued steady over the past weeks. Strong domestic demand has limited any downward premium prce. Private sector commercial exporters bought better grades at around Rs 6,675 per maund, floor brokers said. The traders with rich purchases in last fortnight remained active in New York Market. The prompt May Futures 2017 closed at 75 cents per pound, July 2017 Futures closed at 75.90 cents per pound and Cotlook A Index closed at around 85 cents per pound. According to KCA, 200 bales of Hyderabad changed hands at Rs 6,375 per maund, 200 bales of Mirpurkhas at Rs 6,450 per maund, 200 bales of upper Sindh at Rs 6,375 per maund and 200 bales of southern Punjab at Rs 6,625 per maund.