Daily Times

KARACHI: Buyers preferred maintaining their inventories by making deals for better grades on slightly higher price at the cotton market, fibre traders said. Leading buyers struck down forward deals for a month period in anticipation of any possible increase in better stuff prices. Around 690 bales changed hands and Karachi Cotton Association (KCA) spot rate remained firm at Rs 6,700 per maund. Floor brokers said buyers and sellers entangled in price war while deals changed hands at around Rs 6,300 per maund to Rs 6,800 per maund at major Sindh and Punjab stations. A senior trader, Ghulam Rabbani said sellers withholding better grades of lint remained in driving seat as buyers were in need of fine grades. The buying for second grade stuff remained in limelight and deals concluded at around Rs 6,525 per maund to Rs 6,625 per maund. The ginning units kept maintaining quality, as textile made-up sector was eager for better grades of lint for future needs. The market is in steady tones and spinners and mills are consolidating their long positions in making deals for fresh fine lots, he added. According to KCA, 200 bales of Rahimyar Khan changed hands at Rs 6,725 per maund, 200 bales of upper Sindh at Rs 6,475 per maund, 200 bales of southern Punjab at Rs 6,575 per maund and 200 bales of Yazman at Rs 6,375 per maund. New York Future market remained stable as immediate May Futures 2017 is going to be in firm position and merger with July Futures 2017 and contract would likely to benefit. The ginners of Punjab and Sindh offered cotton of all grades to the buyers around Rs 5,975 per maund to Rs 6,800 per maund while ginners of Sindh offered raw-grade lint to the buyers around Rs 5,975 per maund. New York Cotton May Future 2017 closed at 76.24 cents per pound and July Future 2017 closed at 77 cents per pound. Cotlook A Index closed at 85 cents per pound.