Daily Times

Better grades of cotton remained in demand amid firm physical prices during the trading session at cotton market and around 1,800 bales of cotton changed hands.

The Karachi Cotton Association (KCA) spot rate remained intact at Rs 9,300 per maund while better grade of lint remained in focus, fibre traders said.

Traders said the leading buyers made deals in all qualities offered from the ginners during the trading session.

A senior trader, Ghulam Rabbani said the volumes remained moderate with growing demand of better grades of lint on slightly higher price by mills and spinning sector during the trading session.

He said the spinning sector remained eager for fine quality on back of its growing demand of end-product on the domestic and international front.

Ginners withholding better grades of lint were steadfast not to bow down before the buyers’ offers, as they were confident for the price that would not go below spot rate.

He said the domestic buyers started accepting a bit higher prices of fine grades as the leading millers bought around 600 bales at Rs 8,075 per maund.

He said there were signs that leading spinners would likely to go for import more quality cotton in near future on declining trend of dollar for meeting their end product demands.

He said the ginners of Punjab offered quality cotton to the buyers above Rs 9,375 per maund while ginners of Sindh offered raw lint to the buyers around Rs 6,075 per maund depending on trash level.

He said in the local market, moderate business activity has been noticed with around 200 bales of southern Punjab Sindh changed hands at Rs 8,875 per maund, about 200 bales of upper Sindh at Rs 8,800 per maund, 200 bales on ex-Karachi basis at Rs 8,800 per maund and 200 bales of Multan were sold at Rs 9,200 per maund.

He said market remained steadier tones as the buyers were looking for better lots even for highly price.

New York Cotton October Future contract 2018 closed at 85 cents per pound, December Future 2018 contract closed at 85.14 cents per pound and Cotlook A Index remained stable at around 93 cents per pound.

Published in Daily Times, July 31^st 2018.