Daily Times

KARACHI: Cotton trading remained moderate with thin volumes and buyers made deals on slightly higher price amid firm physical prices.

Forward deals for a month period also changed hands that pushed physical prices in green zone. The Karachi Cotton Association (KCA)’s spot rate stood at Rs 7,600 per maund.

Buyers made deals for all grades besides deals for better and second grade of lint for blending purpose remained firm and deals changed hands at around Rs 6,975 per maund to Rs 7,775 per maund during the trading session.

Mills consolidated their long positions and made deals for second grade on paying premium price for it.

The shrinking fine lint put general price in firm zone and buyers also made forward deals on slightly higher price at around Rs 7,775 per maund in Sindh and Punjab stations.

The private exporters consolidated their long positions through buying from old stocks while market remained in steady tone. The buyers remained selective on grade and consolidated their future positions with shrinking fine lots, he added.

According to KCA, 200 bales of Sanghar changed hands at Rs 7,650 per maund, 200 bales of Mirpurkhas at Rs 7,050 per maund, 200 bales of upper Sindh at Rs 7,000 per maund and 200 bales of southern Punjab at Rs 7,475 per maund.

In domestic market buyers remained eager for quality lint on the back of growing demand of end products.

The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,975 per maund to Rs 7,775 per maund while ginners of Sindh offered low-grade of lint to the buyers around Rs 5,975 per maund, depending on trash level.

New York Cotton July Futures 2018 contract closed at 86 cents per pound, October Futures 2018 contract at 86.18 cents per pound and Cotlook A Index was hovering at 92 cents per pound.

Published in Daily Times, June 15^th 2018.