Daily Times

Buyers made deals in better and second grade of lint on premium price while buying in second grade of lint remained on higher side with firm physical prices during past week, traders at Karachi Cotton Association (KCA) said on Saturday.

They said buyers purchased all qualities on slightly higher price above spot rate during six trading sessions and market volumes also showed 5 percent increase comparing to previous past week to 45,000 bales of cotton.

A senior trader of KCA said spot rate at KCA stood firm and the majority of settlements declared at Rs 7,575 per maund to Rs 8,175 per maund while better grade of lint fetched over Rs 8,400 per maund.

He said the lint market sentiments remained on both ways due to some depression on trading activities at New York Cotton Market while Indian market remained firm.

He said private sector commercial exporters consolidated their long positions and bought lint of mid-standard level during the trading sessions at around Rs 7,025 per maund.

He said stocks of better grades of lint were on shrinking and physical prices would likely to remain firm despite the fact that import orders were in pipeline for around 18,000 bales.

In the domestic market around 200 bales of Mirpurkhas changed hands at Rs 7,375 per maund, 200 bales of Rahimyar Khan at Rs 7,850 per maund, 200 bales of Hyderabad at Rs 7,225 per maund, 200 bales of southern Punjab at Rs 8,050 per maund and 200 bales of Bahawalpur changed hands at Rs 7,800 per maund.

New York July Futures contract 2018 closed at 84.60 cents per pound, October Futures contract 2018 closed at 84.15 cents per pound and Cotlook A Index closed at 93 cents per pound.

Published in Daily Times, July 15^th 2018.