KARACHI: Buying on lint market remained selective on grade issue and buyers at major stations in Sindh and Punjab stations remained eager for better grades of lint. Majority of buyers made deals for second grade of lint on premium price. Ginning units in upper Sindh and southern Punjab stations ginned better grades of lint on demand besides they also made one month advanced deals for better grades on slightly higher price. Grade issue one of the factors that put buyers to make deals on second grade of lint. Fine grade of lint is depleting fast so buyers also made deals for better grades from old buffer stocks that has been fetching price at around Rs 7,150 per maund to Rs 7,325 per maund. General prices of all grades remained in comfort zone while sellers withholding raw grades offloaded their stuff on buyers’ asking price at around Rs 5,975 per maund depending on trash level. Dearth of better grades and slow arrival of cottonseed in the ginneries put trading selective, traders at the Karachi Cotton Association (KCA) said. KCA kept the spot rate at Rs 7,500 per maund in order to provide assistance to weak sellers of raw grade to ward off minimal price level. During trading session, buyers in Sindh and Punjab stations purchased better grades of lint on slightly higher price at around Rs 7,375 per maund while ginners withholding better stocks slowed down their deals to get better price in future deals. Buyers with less liquidity remained on sidelines in anticipation of decline in general prices. The import shipment of 15,000 bales is expecting to reach port in end May 2018 and would likely to cast some pressure on raw grades’ lint prices. Private sector commercial exporters made forward deals for a month period at around Rs 6,975 per maund to Rs 7,100 per maund. The textile made up sector is eyeing on better grades and major garment export units are buying second grade of lint for blending purpose on slightly higher price. New York May Futures 2018 contract closed at 84.36 cents per pound, July Futures 2018 contract at 84.17 cents per pound and Cotlook A Index was hovering around 90 cents per pound. Greenback closes on flat note in value versus domestic unit The US currency closed flat in value against the rupee in the interbank market, owing to dull demand from prime importers and oil companies for their payments. The dollar closed at Rs 115.40 for buying and Rs 115.60 for selling. The dollar traded lowest at Rs 115.39 at the noon. The differential between dollar rates in kerb and interbank markets increased to 95 paisas on day’s average. Banks made payments worth $2.5 million to $2.6 million against a supply of $3.1to $3.5 million. State-run banks and large commercial banks were involved in the payments to the corporate sector. State Bank of Pakistan did not make substantial intervention in the market, perhaps it has realised that open market mechanism should allow prevailing. The euro lost 47 paisas in the interbank to close at Rs 142.28 for buying and Rs 142.48 for selling. The pound sterling remained up by 22 paisas to close at Rs 164 and Rs 164.20 for buying and selling respectively. Kerb Market: The greenback depressed against the domestic currency in the open market, owing to lower demand of dollar from corporate sector and private buyers, foreign exchange dealers said. The US dollar closed at Rs 116.65 for buying and Rs 116.85 for selling. It shed 05 paisas in the open market against the rupee. The demand of dollar was much lesser than its supply, which caused the value of rupee to remain firm in the kerb market. The pound sterling closed flat at Rs 164 for buying and Rs 164.20 for selling against rupee while the euro closed at Rs 141.75 for buying and Rs 141.95 for selling. It lost 25 paisas in the kerb. Yellow metal price witnesses dull trend on correction, hedging Yellow metal price remained down in international and domestic bullion market on Futures correction and dull trading as metal speculators feared better output and prolonged overall international inflationary conditions. Gold was trading at $1,344 an ounce with $3 downward correction after report that showed US-China trade war remained to continue. We saw a little bit of physical buying because the market is below the past month high, referring to demand from hedgers and jewellers. In tola terms gold touched low at Rs 58,087 losing Rs 273 per tola and in per grammage value, it stood dull by Rs 246 to stay at Rs 49,942 per ten grams. The price of gold is an amalgam of diverse and changing influences, from currencies to jewellery, from investors to speculators. It cannot be seen in isolation as a metal, but must be understood as a Global Thermometer measuring monetary, political, economic, stability as well as the raw demand/supply features of the metal itself. Gold price was still within the reach of buyers in international and domestic markets during trading session. The gold hedgers made some cautious deals. The general buyers remained on sidelines anticipating further easing in price in coming days on dollar-rupee parity. Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying. Published in Daily Times, April 14th 2018.