Daily Times

KARACHI: Trading activity on the cotton market remained selective on grade issue while second grade of lint fetched premium price, fibre traders said.

More than 900 bales changed hands and Karachi Cotton Association (KCA) spot rate remained intact at Rs 6,100 per maund. Fibre traders said the buyers remained busy covering their long positions by striking deals for better grades of lint on slightly higher price.

Ghulam Rabbani, a senior fibre trader said there was no change in domestic market front like international market where sellers were busy in timely profit taking and this situation would likely to stand in next coming trading sessions.

Sellers are not reducing the prices and asking the same level where better stuff is on highest mark of Rs 6,775 per maund, he added.

Strong domestic demand has limited downward premium price level.

Private sector commercial exporters purchased better grades at around Rs 6,600 per maund, floor brokers said.

The buyers with liquidity made one-month forward while mills bought second grade of lint for blending purpose at around Rs 6,600 per maund.

The prompt October Futures 2017 contract closed at 71 cents per pound, December Futures 2017 contract closed at 71.46 cents per pound and Cotlook A Index closed at around 85 cents per pound.

According to KCA, 200 bales of Yazman changed hands at Rs 6,475 per maund, 200 bales of Mirpurkhas at Rs 6,275 per maund, 200 bales of upper Sindh at Rs 6,150 per maund and 200 bales of southern Punjab at Rs 6,575 per maund.

Published in Daily Times, August 19^th 2017.