Daily Times

Demand for better grades of lint kept overall prices firm during trading session at cotton market while grade-conscious buyers made a month deals on premium price, traders at Karachi Cotton Association (KCA) said.

KCA kept the spot rate intact at Rs 8,800 per maund in order to provide support to weak stakeholders of raw grade to ward off minimal price level.

During the trading session, spinners in Punjab and Sindh stations bought better grades to fortify their inventories at around Rs 8,875 per maund.

Leading buyers made 1-month forward deals for better grades of lint at around Rs 8,725 per maund to Rs 8,775 per maund while sellers offered all grades of lint on bargaining rates at around Rs 7,775 per maund to Rs 8,925 per maund in order to capitalise maximum returns on their proceeds.

Secondary buyers made deals for all grades of lint according to their immediate needs on back of grade issue and in anticipation of decline in spot rate.

Sellers withholding better grades of old crop stocks offered the stuff to buyers at around Rs 9,000 per maund to Rs 7,100 per maund. The textile sector is facing paucity of better grades that would put positive impact on general prices besides its market valuation.

More than 1,800 bales changed hands with more than 60 percent of Punjab’s share in trading. New York October Futures contracts 2018 stood at around 85.12 cents per pound, December Futures contracts 2018 at 85.33 cents per pound and Cotlook A index was hovering around 93 cents per pound.

Published in Daily Times, August 3^rd 2018.