Daily Times

KARACHI: Better grades of lint remained in demand amid firm physical prices during trading session at cotton market, fibre traders said. They said leading buyers and sellers in Sindh and Punjab stations entangled in price war and deals for fine lint changed hands on slightly higher price at around Rs 6,700 to Rs 6,800 per maund Traders said demand for lint of all qualities remained on higher side on the back of growing demand by the mills and spinners during the trading session. A senior trader, Ghulam Rabbani said spot rate at KCA stood firm and settled at Rs 6,700 per maund. He said in the domestic market around 200 bales of new crop in Sindh was traded at Rs 6,450 per maund, about 200 bales of upper Sindh changed hands at Rs 6,475 per maund and another contract that covered 200 bales of a station in southern Punjab was concluded at Rs 6,800 per maund. He said ginners withholding better grades of lint were remained confident for the price to go up in the next coming sessions. A senior broker said physical market price remained stable and ranged between Rs 6,650 per maund and Rs 6,700 per maund. Moreover spinners bought second grade of lint at Rs 6,550 per maund for blending purpose, floor brokers said. Last night New York futures market May 2017 closed at 75.45 cents per pound while July Futures 2017 closed at 75.90 cents per pound. Cotlook A Index closed at 85 cents per pound.