Daily Times

KARACHI: Cotton trading in Sindh and Punjab stations remained selective on grade issue while buyers made deals in second grade of cotton on higher rates besides buying volumes remained moderate.

The ginning units remained confident on paucity of arrival of fine cottonseed that pushed general prices on firm footing.

Buyers made deals in all grade in major Punjab and Sindh stations that kept trading moderate at most of the stations and traders at Karachi Cotton Association (KCA) also made sizeable deals during trading activity.

Tight cottonseed arrival to ginneries due to dull picking and slower arrival of fine grades kept trading in Punjab and Sindh stations selective besides prices of all grades remained at the hands of sellers on back of shrinking stocks.

KCA kept the spot rate at Rs 8,100 per maund in order to provide support to raw grade sellers for getting better prices, floor brokers said.

During the trading session, spinners bought better grades of lint at Rs 7,775 per maund to Rs 7,950 per maund while mills bought second grades for immediate use and blending purpose at around Rs 7,800 per maund.

Grade issue would remain intact while weather is suitable for fresh season sowing crop besides cottonseed would not be in plenty however some stations were producing fine grade cottonseed in limited quantity.

Published in Daily Times, July 10^th 2018.