Daily Times

KARACHI: Better grades of lint remained in demand amid firm physical price, according to Karachi Cotton Association (KCA) during trading session.

Buyers and sellers in Sindh and Punjab entangled in price war and deals for better lint were made on slightly high price around Rs 7,650 to Rs 7,675 per maund.

Demand for lint of all qualities remained on higher side on back of growing demand by mills and spinners during trading session.

KCA has been taking all efforts to safeguard the financial interest of weak ginners thus put spot rate on better bottom-line prices. Spot rate remained firm at Rs 7,500 per maund.

In the domestic market around 900 bales of old crop in Punjab changed hands at Rs 7,075 per maund, about 200 bales of southern Punjab changed hands at Rs 7,325 per maund and another contract that covered 200 bales of a station in upper Sindh was concluded at Rs 7,075 per maund.

Growers withholding fine lint were remained confident for price to be stood firm in next coming trading sessions.

Physical market price remained firm and would range between Rs 6,975 per maund and Rs 7,750 per maund. Fine lint fetched higher rate around Rs 7,700 per maund.

Private sector commercial exporters also made deals for all grades of lint at around Rs 6,975 per maund to Rs 7,000 per maund.

New York July Futures contract 2018 closed at around 85.50 cents per pound, October Futures contract 2018 at 85.68 cents per pound and Cotlook A index was hovering around 91.17 cents per pound.

Published in Daily Times, June 10^th 2018.