KARACHI: Buyers consolidated their long positions by making deals for better grades of lint during moderate trading session. The physical prices remained steady on higher demand for second grade of lint besides buyers focused on better grades for rainy days. Buyers purchased all grades on a cautious note while second grade of lint fetched better price of above Rs 7,200 per maund. Better grades of lint remained in demand on back of depleting stocks and demand for other grades of lint would not get momentum as buyers were eyeing influx of better cottonseed in the ginneries. Mills made deals for better and second grade of lint at around Rs 7,375 per maund and Rs 7,125 per maund respectively. Raw grade of lint changed hands at around Rs 5,975 per maund, depending on trash level. Leading mills and spinners made a month forward deals also with sellers withholding fine stuff. Karachi Cotton Association (KCA)’s spot rate remained steady and stayed at Rs 7,000 per maund. Second grade of lint for blending purpose would remain in firm demand in upper Sindh and southern Punjab stations. Sellers and potential buyers would remain in grip of price war that would keep prices of better grades firm. Textile sector would keep purchasing better grades of lint in order to maintain their inventories firm. Private sector commercial exporters also consolidated their long positions and bought all grade stuff on marginally high price at around Rs 6,775 per maund to Rs 6,800 per maund. According to KCA, 100 bales of Bahawalpur changed hands at Rs 6,975 per maund, 100 bales of Mirpurkhas at Rs 6,850 per maund, 100 bales of upper Sindh at Rs 6,900 per maund and 100 bales of southern Punjab at Rs 7,300 per maund. New York Cotton March Future 2018 contract closed at 84 cents per pound, May Future 2018 contract at 84.15 cents per pound and Cotlook A Index was hovering at 90 cents per pound.
Published in Daily Times, February 14th 2018.
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