Daily Times

KARACHI: Trading remained selective on grade issue while buyers made deals for second grade stuff on premium price during trading at lint market.

Forward deals also changed hands for consolidating inventories by leading buyers in Sindh and Punjab stations during trading session.

Buyers made deals on slightly high price on shrinking better grades of lint that also kept general prices in green zone. The Karachi Cotton Association (KCA) spot rate remained intact at Rs 7,300 per maund.

Floor brokers said buyers also made deals for all grades besides deals for fine and second grade lint for blending purpose changed hands at around Rs 7,175 per maund and Rs 6,975 per maund respectively during the trading session.

Mills and spinners strengthened their long positions and bought better and second grade of lint on paying premium price.

The shrinking better lint put general price in firm zone and buyers also made forward deals on slightly higher price at around Rs 6,950 per maund in Sindh and Punjab stations.

The private exporters bought better grades of lint from buffer old stocks of lint. The buyers remained selective on grade issue and consolidated their future positions by making deals in fine lots.

According to KCA, 200 bales of Sanghar changed hands at Rs 7,050 per maund, 200 bales of Hyderabad at Rs 6,975 per maund, 200 bales of upper Sindh at Rs 6,925 per maund and 200 bales of southern Punjab at Rs 7,225 per maund.

In domestic market buyers remained eager for quality lint on the back of growing demand of end products.

The ginners of Punjab offered cotton of all grades to the buyers around Rs 6,925 per maund to Rs 7,275 per maund while ginners of Sindh offered raw grade of lint to the buyers around Rs 5,975 per maund depending on trash level.

New York Cotton May Future 2018 contract closed at 83 cents per pound, July Futures 2018 contract at 83.16 cents per pound and Cotlook A Index was hovering at 90 cents per pound.

Published in Daily Times, April 6^th 2018.