Daily Times

Cotton trade on the cotton market remained firm and buyers made deals for better grade of lint on slightly higher price, traders said. The KCA spot rates remained firm at Rs 7,600 per maund. The leading buyers consolidated their long positions by making deals for better grade lint, floor brokers said.

They said around 1,200 bales changed hands while fine quality cotton fetched better price around Rs 7,725 per maund.

The sellers withholding better grades remained on front foot and brought fine stocks on higher price in market. Price fixation of cottonseed would also determine the overall lint prices.

Irrigation water scarcity and severe hot weather was affecting standing crop quality besides volumes. Sellers are looking the cottonseed price and shrinking stocks coupled with growing demand for better grades have provided them opportunity to ask higher price.

Around 21,000 maunds cottonseed is left, however the prices are steady and there seems no immediate panic in the market. Textile and spinning sector remained eager for better grade of lint on the back of growing demand of cloth and yarn.

A senior broker said the market prices of better grades would remain around at Rs 7,725 per maund to Rs 7,800 per maund. Some ready market deals also changed hands on KCA’s prevailing spot rates during the trading session. According to KCA, 200 bales of Sanghar changed hands at Rs 7,350 per maund, 200 bales of Bahawalpu at Rs 7,225 per maund and 200 bales of upper Sindh at Rs 7,025 per maund. Last night New York futures market July 2018 contract closed at 84.18 cents per pound while October Futures contract 2018 closed at 84.36 cents per pound. Cotlook A Index closed at 92 cents per pound.

Published in Daily Times, July 4^th 2018.