Daily Times

KARACHI: Trading activity on the cotton market remained moderate amid strong physical prices, around 6,000 bales changed hands. The Karachi Cotton Association (KCA) spot rate unchanged at Rs 7,600 per maund, fibre traders said.

Dealers said leading buyers remained eager for quality lint and bought fine lots on slightly higher prices during the trading session.

A senior trader, Ghulam Rabbani said leading buyers were concentrating on better grades and the ginning units kept maintaining quality as big groups were making deals for future needs. Ginners have started activity on attendance of workforce returning from native places after Eid holidays at ginneries in Sindh and Punjab stations.

The market is in steady tones and mills are buying more in order to consolidate their long positions with fresh better grades of lint, he added.

Spinners made deals for second grade of lint for blending purpose while private sector commercial exporters bought better grades on premium price, floor brokers said.

According to brokers, 200 bales of upper Sindh changed hands at Rs 7,450 per maund, 200 bales of Rahimyar Khan at Rs 7,325 per maund, 200 bales of southern Punjab at Rs 7,300 per maund and 200 bales of Bahawalpur at Rs 7,250 per maund.

New York is experiencing heavy shuffling as the immediate October is going to be unquoted and merger with December contract. China and rest of the world might push market towards new high and prices to jump to 5 percent.

China is in steady position and CCI is continuously increasing in physical and trading floors.

New York July Futures 2018 contract closed at 83 cents per pound, October Futures 2018 contract closed at 83.72 cents per pound and Cotllok A Index closed at 92 cents per pound.

Published in Daily Times, June 22^nd 2018.