Daily Times

KARACHI: Buyers at leading stations in Sindh and Punjab stations during trading session bought better grades of lint on premium price besides buyers also made one-month forward deals for better grade of lint.

The Karachi Cotton Association (KCA) spot rate remained firm at Rs 7.600 per maund. The buyers also consolidated their long positions by making deals for better grade of lint.

Around 1,500 bales changed hands while fine quality cotton fetched higher price around at Rs 7,775 per maund.

The sellers withholding better lots of lint remained on front foot and buyers brought better stocks of old crop on higher price in the market. Price fixation of cottonseed stood higher by Rs 120 per maund to Rs 3,575 per maund on average.

They are looking at cottonseed price and shrinking better stocks coupled with growing demand that have provided them opportunity to ask higher price.

Demand for second grade of lint remained on higher side for blending purpose. More than 90,000 bales of cottonseed is left, however the prices are firm and there seems no immediate selling panic in the market. Garment and spinning export sector is in need of better input so it remained eager for better grade of lint on the back of growing demand of yarn and cloth.

The physical market prices would remain around at Rs 6,975 per maund to Rs 7,800 per maund. Some ready market deals also changed hands below KCA’s prevailing spot rate during the trading session.

Published in Daily Times, July 3^rd 2018.