Daily Times

Buyers made deals in better and second grade of lint on premium price while buying in second grade of lint remained on higher side with firm physical prices during past week, traders at Karachi Cotton Association (KCA) said Saturday.

They said buyers bought all qualities on slightly higher price above spot rate during six trading sessions and market volumes also showed 5 percent increase comparing to previous past week to 39,000 bales of cotton.

A senior trader of KCA said spot rate at KCA stood firm and the majority of settlements declared at Rs 6,975 per maund to Rs 7,775 per maund while better grade of lint fetched over Rs 7,800 per maund.

He said the lint market sentiments remained on both ways due to some depression on trading activities at New York Cotton Market while Indian market remained firm.

He said private sector commercial exporters consolidated their long positions and bought lint of mid-standard level during the trading sessions at around Rs 7,000 per maund.

He said stocks of better grades of lint were on shrinking and physical prices would likely go further higher of all grades despite the fact that import orders were in pipeline for around 18,000 bales.

In the domestic market around 200 bales of Sanghar changed hands at Rs 7,475 per maund, 200 bales of Mirpurkhas at Rs 7,250 per maund, 200 bales of Hyderabad at Rs 7,025 per maund, 200 bales of southern Punjab at Rs 7,350 per maund and 200 bales of Bahawalnagar were sold at Rs 7,000 per maund.

New York July Futures contract 2018 closed at 83.55 cents per pound, October Futures contract 2018 closed at 83.60 cents per pound and Cotlook A Index closed at 92 cents per pound.

Published in Daily Times, July 1^st 2018.