Daily Times

KARACHI: The price of cotton stayed firm during the trading session, reported traders at the Karachi Cotton Market where around 1,000 bales changed hands. The Karachi Cotton Association (KCA) spot rate remained intact at Rs 6,800 per maund with better lint remaining in focus, fibre traders informed. Traders stated that buyers made deals for all qualities of lint offered by ginners during the trading session. A senior trader, Ghulam Rabbani, said the volumes remained thin with growing demand for better lint on slightly higher prices by the spinning sector and mills during the trading session. He added that the spinning sector was eager for better quality due to growing demand for end productson the domestic front. Ginners withholding fine grades of lint remained steadfast and did not bow before buyers’ offers since they were confident the price would not go below the spot rate. Shrinking fine stocks caused buyers to pay premium prices on deals and domestic sellers have also started demanding higher prices. Millers purchased around 600 bales of cotton in Punjab stations at around Rs 6,675 per maund, floor brokers reported. There were signs that leading spinners would likely import quality cotton in the near future to meet demands on depleting better grades. Ginners from Punjab offered quality cotton to buyers above Rs 6,775 per maund while ginners from Sindh offered raw lint to buyers at around Rs 5,975 per maund. In the local market, little business has been noticed with around 200 bales of southern Punjab changing hands at Rs 6,550 per maund, about 100 bales of upper Sindh at Rs 6,525 per maund, 100 bales on ex-Karachi basis at Rs 6,450 per maund and 100 bales of upper Sindh sold at Rs 6,075 per maund. New York May 2017 Futures stood at around 77 cents per pound, July 2017 at 78 cents per pound, and Cotlook A Index was hovering at around 85 cents per pound.