Daily Times

Buyers made deals on selective note depending on grade issue during trading session with firm physical prices at lint market.

Grade issue kept leading buyers to make cautious deals while market’s sentiments remained firm.

Forward trading for a month period also took place, traders at Karachi Cotton Association (KCA) said.

KCA kept the spot rate intact at Rs 7,900 per maund in order to provide support to weak stakeholders of raw grade to ward off minimal price level.

During the trading session, buyers in Sindh and Punjab stations bought lint on cautious note while sellers offered second grade of lint at around Rs 7,525 per maund to Rs 7,550 per maund on increasing demand and in order to capitalise maximum returns on their proceeds.

Buyer remained cautious in making any big deal as they only made deals according to their immediate need of lint in anticipation of decline in spot rate.

Mills in Sindh and Punjab stations made deals for better grades on competitive price at around Rs 7,425 per maund to Rs 7,450 per maund while secondary buyers made deals for all grades in Punjab and Sindh stations at around Rs 6,975 per maund to Rs 7,000 per maund.

Import orders of better and second grade of lint is still in limelight in order to accomplish end products exports orders besides domestic fine stuff on shrinking that would helpful on valuation.

More than 1,200 bales changed hands with more than 65 percent of Punjab’s share in trading.

New York July Futures 2018 contract stood at around 84 cents per pound. October Futures 2018 contract at 84.06 cents per pound and Cotlook A Index was hovering around 92 cents per pound.

Published in Daily Times, July 7^th 2018.