Daily Times

KARACHI: Trading activity at the cotton market remained selective and around 690 bales changed hands. The Karachi Cotton Association (KCA) spot rate stood firm and unchanged at Rs 6,300 per maund.

Floor brokers said buyers bought second grade of lint on bargaining prices at around Rs 6,625 per maund during the trading session.

A senior trader, Ghulam Rabbani said buyers seemed ready to pay premium price for better grades of lint and the ginning units in Sindh and Punjab stations were maintaining quality on demand by textile made up export sector.

However moisture after rains has lowered the quality of cottonseed and ginning sector remained in two minds to make deal or wait let to growers forced to sell produce on asking price.

The textile sector also consolidated their long positions while market remained in steady tones and buyers increased their grade-wise purchase in order to consolidate their future positions with old stocks, he added.

According to KCA, 200 bales of Mirpurkhas changed hands at Rs 6,325 per maund, 200 bales of Sanghar at Rs 6,550 per maund, 200 bales of upper Sindh at Rs 6,475 per maund and 200 bales of southern Punjab at Rs 6,625 per maund.

In domestic market buyers would keep eye on quality lint on the back of growing demand of cloth and yarn.

The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,975 per maund to Rs 6,675 per maund while ginners of Sindh offered raw grade of lint to the buyers around Rs 5,975 per maund, depending on trash level.

New York Cotton October Futures 2017 contract closed slightly up at 70 cents per pound, December Futures 2017 contract at 71 cents per pound and Cotlook A Index closed at 85 cents per pound.

Published in Daily Times, August 22^nd 2017.