Daily Times

Trading remained steady on back of demand for better and second grade of lint besides buyers made forward deals in all grades that kept market trading sentiments in green past week.

The KCA kept making adjustments in spot rate that stayed at Rs 8,100 per maund while fine grade fetched premium prices at around Rs 8,125 per maund on higher demand.

Garment made up sector is remained in need of better grade of lint. Buyers at major stations in Punjab and Sindh remained grade conscious on account of orders for quality end-products while production of lint remained high in major ginning units in the country.

Activities in cotton growing belts remained moderate and ginning activities remained normal at leading stations in Sindh and Punjab stations.

Financial crunch and long-hour power and gas interruption has been hampering ginning activities at some stations.

During trading sessions buyers made deals on back of shrinking stocks of better grades at around Rs 7,850 per maund to Rs 8,050 per maund in Sindh and Punjab stations.

The physical prices of all grades are still on firm footing as demand for cloth and yarn is on higher side from the buyers of these commodities.

During past week ginning units produced fine and other grades at around 27,000 bales besides buyers and sellers in Sindh and Punjab stations remained entangled in price war and general buyers made deals for all grades on competitive price.

Majority of mills and spinners made forward deals in all grades at Rs 7,375 per maund to Rs 7,825 per maund in order to store stocks for rainy days.

Besides private sector commercial exporters purchased all grades at Rs 6,075 per maund to Rs 6,275 per maund.

The New York July Futures contract 2018 closed at around 81.63 cents per pound, October Futures contract 2018 closed at 82.08 cents per pound and Cotlook A index was hovering around 92 cents per pound.

Published in Daily Times, July 8^th 2018.