Daily Times

Buyers consolidated their long positions by making deals for better grades of lint during moderate trading session.

The physical prices remained firm on higher demand for second grade of lint besides buyers focused on better grades for rainy days. Buyers purchased all grades on cautious note while second grade of lint fetched better price above Rs 9,425 per maund.

Better grades of lint remained in demand on back of depleting stocks and demand for other grades of lint would not get momentum as buyers were eyeing influx of better cottonseed in the ginneries.

Mills made deals for better and second grade of lint at around Rs 9,375 per maund and Rs 9,125 per maund respectively. Raw grade of lint changed hands at around Rs 6,075 per maund, depending on trash level.

Leading spinners made a month forward deals also with sellers withholding fine stuff.

Karachi Cotton Association (KCA)’s spot rate remained steady and stayed at Rs 9,300 per maund.

Second grade of lint for blending purpose would remain in firm demand in upper Sindh and southern Punjab stations.

Sellers and potential buyers would remain in grip of price war that would keep prices of better grades firm.

Textile sector would keep purchasing better grades of lint in order to maintain their inventories firm. Private sector commercial exporters also consolidated their long positions and bought all grade stuff on marginally high price at around Rs 8,825 per maund to Rs 8,850 per maund.

According to KCA, 200 bales of Mirpurkhas changed hands at Rs 8,650 per maund, 200 bales of Multan at Rs 8,975 per maund, 200 bales of upper Sindh at Rs 9,225 per maund and 200 bales of southern Punjab at Rs 9,225 per maund.

New York Cotton October Future 2018 contract closed at 86 cents per pound, December Future 2018 contract at 86.13 cents per pound and Cotlook A Index was hovering at 96 cents per pound.

Published in Daily Times, July 25^th 2018.