Buyer remained cautious in making any big deal as they only made deals according to their immediate need of lint in anticipation of decline in spot rate.
Spinners in Sindh and Punjab stations made deals for better grades on competitive price at around Rs 7,225 per maund to Rs 7,250 per maund while secondary buyers made deals for all grades in Punjab and Sindh stations at around Rs 5,975 per maund to Rs 6,575 per maund.
Import orders of better and second grade of lint is still in limelight in order to accomplish end products exports orders besides domestic fine stuff on shrinking that would helpful on valuation. More than 1,800 bales changed hands with more than 65 percent of Punjab’s share in trading. New York March Futures 2018 contract stood at around 84.90 cents per pound. May Futures 2018 contract at 84.63 cents per pound and Cotlook A Index was hovering around 91 cents per pound.
Published in Daily Times, March 17th 2018.
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