Daily Times

KARACHI: Trading remained selective on grade issue while buyers made deals for second grade stuff on premium price during trading at lint market, fibre traders said.

Forward deals also changed hands for consolidating inventories by leading buyers in Sindh and Punjab stations during trading session, floor brokers said.

Buyers made deals on slightly high price on shrinking better grades of lint that also kept general prices in green zone. The Karachi Cotton Association (KCA) spot rate remained intact at Rs 6,250 per maund.

Floor brokers said buyers also made deals for all grades besides deals for fine and second grade lint for blending purpose changed hands at around Rs 6,550 per maund to Rs 6,650 per maund during the trading session.

A senior trader, Ghulam Rabbani said spinners strengthened their long positions and made deals for better and second grade of lint on paying premium price.

The shrinking better lint put general price in firm zone and buyers also made forward deals on slightly higher price at around Rs 6,725 per maund in Sindh and Punjab stations.

The private exporters bought better grades of lint from buffer old stocks of lint. The buyers remained selective on grade issue and consolidated their future positions with fresh fine lots also, he added.

According to KCA, 200 bales of Nawabshah changed hands at Rs 6,450 per maund, 200 bales of Hyderabad at Rs 6,375 per maund, 200 bales of upper Sindh at Rs 6,400 per maund and 200 bales of southern Punjab at Rs 6,650 per maund.

In domestic market buyers remained eager for quality lint on the back of growing demand of end products.

The mills in Punjab bought cotton of all grades at around Rs 5,975 per maund to Rs 6,700 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 Future 2017 contract closed at 71 cents per pound, December Futures 2017 contract at 72 cents per pound and Cotlook A Index was hovering at 84.60 cents per pound.

Published in Daily Times, August 17^th 2017.