Daily Times

KARACHI: The cotton price stayed firm during the trading session at Punjab and Sindh stations. Around 3,000 bales changed hands.

The Karachi Cotton Association (KCA) spot rate remained intact at Rs 7,600 per maund with better lint remained in focus.

Leading buyers made cautious deals for all qualities of lint being offered by the ginners during the trading session.

Volumes remained moderate with growing demand for better lint on slightly higher price by textile export sector during the trading session.

Spinning sector was eager for better quality of lint on back of growing demand of end product on the domestic front.

Ginners withholding better grades of lint remained steadfast not to bow down before the buyers’ offers, however they preferred to capitalised gains offering second grade cotton.

Shrinking better stocks forced buyers to pay premium price on deals and domestic sellers have started demanding a bit higher prices.

Millers bought around 300 bales of cotton in Punjab stations at around Rs 7,275 per maund to Rs 7,525 per maund.

There were signs that leading mills and spinners would likely to pause intending further import of quality cotton in near future on higher dollar.

The ginners of Punjab offered quality cotton to the buyers above Rs 7,675 per maund while ginners of Sindh offered raw lint to the buyers around Rs 5,975 per maund, depending on the trash level.

In the local market, little business has been noticed with around 200 bales of southern Punjab changed hands at Rs 7,350 per maund, about 200 bales of upper Sindh at Rs 7,075 per maund, 100 bales on ex-Karachi basis at Rs 7,050 per maund and 200 bales of upper Sindh were sold at Rs 7,200 per maund.

New York July Futures 2018 stood at around 86.14 cents per pound, October Futures 2018 at 86.18 cents per pound and Cotlook A Index was hovering around 91.80 cents per pound.

Published in Daily Times, June 14^th 2018.