Daily Times

KARACHI: Lint trading remained better grade focused with flexible prices and buyers also made 2-month forward deals for better grades on slightly higher price during trading sessions past week, floor brokers said.

Buyers made deals on back of grade issue at around Rs 6,975 per maund to Rs 7,450 per maund, traders said on Saturday.

The economic activities at ginneries as well as major stations remained firm on back of growing demand of all grades of lint.

Sellers withholding second grade stuff at main stations of Punjab and Sindh asked above Rs 7,675 per maund for the commodity while majority of the ginneries remained active producing second grade stuff on back of improved demand, traders said.

Prices remained within the reach of buyers with some cautious activity, floor brokers said. The Karachi Cotton Association (KCA)’sspot rate remained firm to stay at Rs 7,500 per maund, they added.

During past week buyers also made deals for raw grades on cautious note at around Rs 6,975 per maund besides demand for fine grades remained higher, floor brokers said.

During trading past week leading buyers purchased all grade while buyers with less liquidity remained selective due to shrinking of better grade, floor brokers said.

Prices of better grade lint would likely to stay firm in next sessions at around Rs 7,650 to 7,750 per maund, as most of the leading ginners would bring out stockpile of better grades, said Shakeel Ahmad a fibre expert.

During trading sessions most of the medium sized ginning units (36) ginned all grades as they produced more than 27,900 bales.

The New York July Futures 2018 contract closed at around 84.36 cents per pound, October Futures 2018 contract stood at 84.18 cents per pound and Cotlook A Index was hovering around 92 cents per pound.

Published in Daily Times, June 24^th 2018.