Daily Times

KARACHI: The cotton trading remained firm amid steady spot rate and around 1,500 bales changed hands. The Karachi Cotton Association (KCA) spot rate remained intact at Rs 6,200 per maund, the traders said.

They said the buyers bought all qualities of lint offered by the ginners during the trading session besides spinners bought quality cotton on slightly higher prices during the session while the leading ginners sensing future demand of quality lint offered few stocks on high prices to the buyers.

Ghulam Rabbani, a senior trader said the buyers were accepting a bit higher prices as the leading millers bought around 900 bales at Rs around 6,575 per maund during the session.

He said the leading buyers would remain eager for quality lint on slightly higher prices on the back of growing demand of garments and yarn.

He said there leading end users would likely to go for further import of quality cotton in near future for meeting foreign and domestic end-products demands.

A senior broker said the private sector commercial exporters of Sindh and Punjab made deals for quality cotton at around Rs 6,575 per maund while ginners of Sindh offered raw lint to the buyers around Rs 5,975 per maund, depending on trash level.

Around 200 bales of upper Sindh changed hands at Rs 6,250 per maund, 200 bales of Sanghar at Rs 6,575 per maund, 200 bales of Yazman at Rs 6,325 per maund and 200 bales of Multan changed hands at Rs 6,275 per maund.

He said market remained steadier tones as the buyers were looking for better lots for Rs 6,575 to 6,675 per maund.

New York Cotton October Future 2017 contract closed at 71 cents per pound and December Future 2017 contract closed at 71.90 cents per pound. Cotlook A Index closed at 85 cents per pound.

Published in Daily Times, August 18^th 2017.