Daily Times

Buyers bought fine and second grade of cotton on slightly higher price at cotton market besides they went for a month long period forward deals also, traders said.

Around 1,200 bales changed hands during trading session and Karachi Cotton Association (KCA) kept spot rate firm at Rs 9,300 per maund. Floor brokers said leading buyers made deals on slightly higher prices at around Rs 9,475 per maund to Rs 9,550 per maund during the trading session.

A senior trader, Ghulam Rabbani said buyers and sellers remained entangled in price war on second grade stuff and made deals at around Rs 8,950 per maund to cater their immediate needs.

The ginning units kept maintaining quality on sensing textile sector eagerness for better grades of lint. The market is firm and mills and spinners were consolidating their long positions in making deals for fresh fine lots also, he added.

According to KCA, 200 bales of Sanghar changed hands at Rs 9,200 per maund, 200 bales of upper Sindh at Rs 8,875 per maund, 200 bales of southern Punjab at Rs 9,300 per maund and 200 bales of Rahimyar Khan at Rs 8,750 per maund.

New York remained under correction in Futures as the immediate October 2018 is going to be in stable position and merger with December 2018 contract that would likely to benefit. The ginners of Punjab offered cotton of all grades to the buyers around Rs 8,675 per maund to Rs 9,625 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 6,075 per maund, depending on trash level.

New York Cotton October 2018 future closed slightly up and stayed at 86.13 cents per pound and December 2018 closed at 86.22 cents per pound. Cotlook A index closed at 97 cents per pound..

Published in Daily Times, July 24^th 2018.