Daily Times

KARACHI: Trading activity at the cotton market remained moderate, as more than 3,600 bales changed hands. The Karachi Cotton Association (KCA) spot rate remained intact at Rs 7,000 per maund. Leading mills and spinners purchased cotton of all qualities during the trading session. Better grades of lint fetched a premium price of around Rs 7,375 per maund while second grade of lint changed hands at Rs 7,075 per maund. Fearing shortage of quality cotton, spinners indulged in forward deals buying. Quality issues have been keeping spinners on their toes. Cotton prices on ready deals also moved higher and touched Rs 6,975 per maund. Physical market prices remained between Rs 6,950 per maund and Rs 7,475 per maund. Ginneries in Sindh had geared up their activities in order to meet the growing demand of cotton. Cotton prices were expected to be stable in open market on demand. New York March Futures 2018 contract closed at 84.26 cents per pound and May Futures 2018 contract closed at 84.18 cents per pound. Cotlook A Index closed at 90 cents per pound.

Published in Daily Times, February  11^th 2018.