Daily Times

KARACHI: The lint prices stood firm during moderate trading session. Around 900 bales changed hands. The Karachi Cotton Association (KCA) spot rate remained intact at Rs 6,900 per maund with forward deals for better lint in focus. The buyers in Sindh and Punjab stations remained eager for quality lint while deals for second grade of cotton changed hands between leading buyers and sellers on premium price around rs 7,125 per maund. The second grade of lint for blending purpose would remain in higher demand along with growing demand for better grades of lint on slightly higher price by the textile sector. Slow pace of seed cotton arrival kept activity of ginning sector dull while forward deals matured at around Rs 6,900 per maund to Rs 6,950 per maund. The better quality of lint on back of growing demand would entice buyers to pay premium price after some trading sessions. Ginners withholding fine lint were steadfast and are not seemed to bow down before the buyers’ offers, as they were confident for price that would not go below spot rate. Domestic buyers have started accepting a bit higher prices as the leading buyers made forward deals at around Rs 6,975 per maund. There were signs that textile sector would likely to import quality cotton in near future for meeting demands. Ginners of Punjab remained reluctant offering quality cotton to buyers below Rs 6,975 per maund while ginners of Sindh offered raw lint to the buyers around Rs 5,975 per maund, depending on trash level. Around 200 bales of upper Sindh changed hands at Rs 6,750 per maund, 200 bales of Sanghar at Rs 7,000 per maund, 200 bales of Bahawalpur at Rs 7,000 per maund and about 200 bales of southern Punjab at Rs 7,200 per maund. Last night New York March Futures 2018 contract closed at around 83 cents per pound, May Futures 2018 contract at 83.07 and Cotlook A Index was hovering around 90 cents per pound.

Published in Daily Times, February  22^nd 2018.