Daily Times

The traded volumes of second grade of lint remained moderate while forward deals also changed hands for better grades. Firmness of physical prices provided weak sellers to fetch better bottom-line price.

Most of the stakeholders remained in holiday mood, as remained interested for results of general elections.

Buyers with less liquidity bought better grades according to their immediate need while weak sellers withholding raw grade of lint offloaded their stocks on better price-parity level.

Lint market sentiments remained modest on selective trading, traders at Karachi Cotton Association (KCA) said.

KCA kept the spot rate at Rs 9,300 per maund in order to help weak stakeholders withholding raw grades to ward off minimal price level. During the trading session, spinners in Sindh and Punjab stations bought second grade of lint at around Rs 9,050 per maund, while sellers offered all grades of lint at around Rs 6,975 per maund to Rs 9,575 per maund in order to capitalise maximum returns on their proceeds.

Mills and spinners in Sindh and Punjab stations made deals on competitive price at around Rs 7,900 per maund to Rs 8,675 per maund while secondary buyers made deals for all grades in Punjab and Sindh stations at around Rs 6,075 per maund to Rs 7,175 per maund.

Sellers withholding better grades of old crop offered produce in modest quantity on better price. Shortage of cottonseed might delay ginning activities in parts of Sindh and Punjab.

In Sindh and Punjab stations more than 900 bales changed hands with more than 50 percent of Punjab’s share in trading. New York October Futures contract 2018 stood at around 85 cents per pound, December Future contract 2018 at 85.12 cents per pound and Cotlook A Index was hovering around 92 cents per pound.

Published in Daily Times, July 27^th 2018.