Daily Times

Trading activity at the cotton market remained selective and around 1,500 bales changed hands. The Karachi Cotton Association (KCA) spot rate stood firm at Rs 8,900 per maund.

Traders said buyers bought second grade of lint on bargaining prices at around Rs 8,700 per maund during the trading session.

A senior trader, Ghulam Rabbani said buyers were paying premium price for better grades of lint and the ginning units in Sindh and Punjab stations were maintaining quality on demand by textile made up export sector.

The big units of textile sector also consolidated their long positions while market remained in steady tones and buyers increased their grade-wise purchase in order to strengthen their future positions with fresh lots, he added.

According to KCA, 200 bales of Sanghar changed hands at Rs 8,825 per maund, 200 bales of Bahawalpur at Rs 8,500 per maund, 200 bales of upper Sindh at Rs 8,975 per maund and 200 bales of southern Punjab at Rs 8,800 per maund.

In domestic market buyers would keep eye on quality lint on the back of growing demand of cloth and yarn and shrinking stocks, floor brokers were of the view.

The ginners of Punjab offered cotton of all grades to the buyers around Rs 6,975 per maund to Rs 9,025 per maund while ginners of Sindh offered raw grade of lint to the buyers around Rs 6,075 per maund, depending on trash level.

New York Cotton July Futures 2018 contract closed slightly up at 85.86 cents per pound, October Futures 2018 contract at 85.77 cents per pound and Cotlook A Index closed at 93 cents per pound.

Published in Daily Times, July 20^th 2018.