Daily Times

KARACHI: Cotton trading remained firm on demand for better grades while buyers made sizeable deals in second grade of lint, during trading session at Punjab and Sindh stations. Buyers also consolidated their long positions by making forward deals in all grades of produce during the trading session. Buyers bought second grade of lint at around Rs 6,425-Rs 6,450 per maund. Buyers made forward deals in second grade of lint for a month’s delivery period at Rs 6,450-Rs 6,475 per maund, during trading session in Punjab and Sindh stations. Increasing demand for better grades would keep market sentiments in green as better grades were depleting, it was said. Spinners and mills bought all grades of lint at around Rs 6,225-Rs 6,350 per maund, in parts of Sindh and Punjab stations. Spinners also bought second grade of lint for blending purposes at around Rs 6,400-Rs 6,425 per maund. Private sector commercial exporters made forward deals at Rs 6,100-Rs 6,150 per maund. Raw grades of lint changed hands at Rs 5,975-Rs 6,000 per maund, depending on trash level during trading session. Around 2,700 cotton bales changed hands in the range of Rs 6,000-Rs 6,500 per maund, in parts of Sindh and Punjab stations. Ex-gin price of cotton remained intact at Rs 6,150 per maund. In kerb market trading, took place in the range of Rs 6,000-Rs 6,325 per maund. New York Cotton December Futures 2017 contract closed at 69.18 cents per pound, March Future 2018 contract at 69 cents per pound and Cotlook A Index was hovering at 85 cents per pound.

Published in Daily Times, October 19^th 2017.