Daily Times

Trading activity on the cotton market remained moderate amid strong physical prices, around 2,000 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.

The market is in steady tones and mills are buying second grade of lint in order to consolidate their long positions with fresh grades, 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 southern Punjab changed hands at Rs 7,550 per maund, 200 bales of Sanghar at Rs 7,625 per maund, 200 bales of upper Sindh at Rs 7,100 per maund and 200 bales of Bahawalpur at Rs 7,150 per maund.

New York is experiencing 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 84.30 cents per pound, October Futures 2018 contract closed at 84.45 cents per pound and Cotllook A Index closed at 92 cents per pound.

Published in Daily Times, June 30^th 2018.