Daily Times

KARACHI: Buyers made deals for all grades of lint in anticipating increase in general prices and on fast depleting of better grades of lint during trading on lint market.

Buyers acquired better grades of lint on slightly higher price amid firm physical prices besides forward deals also changed hands that kept general prices in green. The Karachi Cotton Association (KCA) kept the spot rate at Rs 7,400 per maund.

Buyers bought second grade of lint for blending purpose at around Rs 7,275 per maund during the trading session.

Leading buyers consolidated their long positions and made deals for second grade of lint paying premium price for it.

The shrinking better grades of lint put general price in firm zone and buyers also made forward deals on slightly higher price at around Rs 7,125 per maund in Sindh and Punjab stations.

The private sector commercial exporters consolidated their long positions and made deals for old stocks. The buyers remained selective on grade issue and also consolidated their future positions with fine lots.

Around 200 bales of Mirpurkhas changed hands at Rs 7,000 per maund, 200 bales of Sanghar at Rs 7,300 per maund, 200 bales of upper Sindh at Rs 6,975 per maund and 200 bales of southern Punjab at Rs 7,350 per maund.

In domestic market textile made up sector remained eager for better lint on the back of growing demand of fine end products.

The sellers of Punjab and Sindh stations offered cotton of all grades to the buyers around Rs 5,975 per maund to Rs 7,550 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 May Futures 2018 contract closed at 84.06 cents per pound, July Futures 2018 contract at 84.33 cents per pound and Cotlook A Index was hovering at 92 cents per pound.

Published in Daily Times, May 17^th 2018.