Daily Times

KARACHI: Buyers at leading stations in Sindh and Punjab stations during trading session bought better grades of lint on premium price besides buyers also made one-month forward deals for better grade of lint.

The Karachi Cotton Association (KCA) spot rate remained firm at Rs 7.400 per maund. The buyers also consolidated their long positions by making deals for better grade of lint.

Around 900 bales changed hands while fine quality cotton fetched higher price around at Rs 7,275 per maund.

The sellers withholding better lots of lint remained on front foot and they also brought better stocks of old crop on higher price in the market. Price fixation of cottonseed stood high by Rs 250 per maund to Rs 3,400 per maund on average.

They are looking at cottonseed price and shrinking better stocks coupled with growing demand that have provided them opportunity to ask higher price.

Demand for second grade of lint remained on higher side for blending purpose.

More than 18,000 bales of cottonseed is left, however the prices are firm and there seems no immediate selling panic in the market.

Garment and spinning export sector is in need of better input so it remained eager for better grade of lint on the back of growing demand of yarn and cloth.

The physical market prices would remain around at Rs 6,500 per maund to Rs 7,175 per maund. Some ready market deals also changed hands below KCA’s prevailing spot rate during the trading session.

According to KCA, 200 bales of upper Sindh changed hands at Rs 6,775 per maund, 200 bales of Bahawalpur at Rs 6,900 per maund and 200 bales of southern Punjab at Rs 7,125 per maund.

Last night New York futures market May 2018 closed at 83 cents per pound while July futures 2018 closed at 83.60 cents per pound. Cotlook A Index closed at 92 cents per pound.

Published in Daily Times, March 20^th 2018.