Daily Times

KARACHI: The traded volumes of second grade of lint remained moderate while forward deals also changed hands for better grades. Firmness of physical prices provided weak sellers to fetch better bottom-line price.

Buyers with less liquidity bought better grades according to their immediate need while weak sellers withholding raw grade of lint offloaded their stocks on better price-parity level.

Lint market sentiments remained modest on selective trading, traders at Karachi Cotton Association (KCA) said.

KCA kept the spot rate at Rs 7,400 per maund in order to help weak stakeholders withholding raw grades to ward off minimal price level. During the trading session, spinners in Sindh and Punjab stations bought second grade of lint at around Rs 7,050 per maund, while sellers offered all grades of lint at around Rs 6,875 per maund to Rs 7,475 per maund in order to capitalise maximum returns on their proceeds.

Mills in Sindh and Punjab stations made deals on competitive price at around Rs 6,975 per maund to Rs 7,175 per maund while secondary buyers made deals for all grades in Punjab and Sindh stations at around Rs 6,000 per maund to Rs 6,275 per maund.

Sellers withholding better grades of old crop offered produce in modest quantity on better price. Water shortage delayed cotton sowing in parts of Sindh and Punjab growing areas.

In Sindh and Punjab stations more than 600 bales changed hands with more than 60 percent of Punjab’s share in trading. New York July Futures contract 2018 stood at around 84.28 cents per pound, October Future contract 2018 at 84.36 cents per pound and Cotlook A Index was hovering around 92 cents per pound.

Published in Daily Times, May 22^nd 2018.