Daily Times

KARACHI: Leading buyers bought better grades of lint on premium price amid strong physical prices during trading session at lint market, fibre dealers said.

The Karachi Cotton Association (KCA) spot rate stayed stable at Rs 7,500 per maund with moderate volumes, while majority of the deals for fine lint changed hands between leading mills and ginners at Sindh and Punjab stations.

Floor brokers said spinners in Sindh and Punjab stations remained engaged in price war with the buyers on issue of better grade of lint besides growing demand of the produce kept market sentiments on higher side despite shrinking fine stocks.

The ginners of Punjab and Sindh offered lots around Rs 7,000 per maund to Rs 7,700 per maund to the buyers, while Punjab ginners offered raw produce on competitive prices at Rs 6,000 per maund depending on trash level.

The quality lint of Punjab fetched above Rs 7,700 per maund while the raw cotton of Sindh was traded around Rs 6,000 per maund during trading session.

A senior trader, Ghulam Rabbani said market sentiments remained positive, while sellers withholding fine lint were confident that the spot rate would go further up after some recession in coming days.

Market players have been repeatedly demanding of government to invite international experts on cottonseed in order to develop better seed domestically besides enhancing yield acreage to avoid huge imports.

In the domestic market, buyers bought 200 bales from Sindh, spinning units bought 600 bales from private sector exporters at around Rs 7,025 per maund to Rs 7,300 per maund. Several other contracts concluded in a range of Rs 7,000 per maund to Rs 7,525 per maund.

Last night in New York Futures market, July 2018 contract closed at 86 cents per pound, while October Futures 2018 closed at 86.20 cents per pond. Cotlook A Index closed at 92 cents per pound.

Published in Daily Times, June 12^th 2018.