Daily Times

Trading activity at the cotton market remained moderate amid strong physical prices, around 12,000 bales changed hands. The Karachi Cotton Association (KCA) spot rate unchanged at Rs 7,900 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 spinners are buying on cautious note in order to consolidate their long positions with fresh better grades of lint, he added.

Mills 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 7,575 per maund, 200 bales of Rahimyar Khan at Rs 7,275 per maund, 200 bales of upper Sindh at Rs 7,500 per maund and 200 bales of Bahawalnagar at Rs 7,150 per maund.

New York is experiencing heavy shuffling as the immediate July is going to be unquoted and merger with the October 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 under correction on physical and trading floors.

New York July Futures contract 2018 closed at 83.16 cents per pound, October Futures contract 2018 closed at 83.70 cents per pound and Cotllook A Index closed at 92 cents per pound.

Published in Daily Times, July 6^th 2018.