Daily Times

Buyers made forward deals for better grades of lint amid firm physical prices during moderate trading session besides second grade of lint changed hands during trading session, fibre traders said.

Influx of better grade cottonseed in ginneries stood thin while ginners preferred to fetch better prices of their commodity.

Demand for better grades of lint would be an added factor for stable lint market however raw lint price remained depressed during trading session, floor brokers said.

Forward deals for a month period changed hands that pushed price of second grade of lint in comfort zone. The Karachi Cotton Association (KCA) kept spot rate at Rs 9,400 per maund.

Floor brokers said buyers made deals for better and second grade of lint for blending purpose at around Rs 9,475 per maund to Rs 9,125 per maund during the trading session respectively. A senior trader, Ghulam Rabbani said leading users of lint consolidated their long positions by making deals for second grade if lint on back of shrinking stocks. Shrinking better lint would put general prices in firm zone and leading buyers were keeping eye on imports due to quality factor.

The private sector commercial importers remained on sidelines and made inquiries on competitive price from old stocks.

According to KCA, 200 bales of Multan changed hands at Rs 8,900 per maund, 200 bales of southern Punjab at Rs 9,325 per maund, 200 bales of upper Sindh at Rs 9,300 per maund and 200 bales of Bahawalpur at Rs 9,175 per maund.

In domestic market buyers remained busy on online trading for quality lint on the back of growing demand of end products.

New York Cotton October Future 2018 contract closed above bottom line prices at 85.18 cents per pound, December Futures 2018 contract at 85.36 cents per pound and Cotlook A Index was hovering at 93 cents per pound.

Published in Daily Times, August 8^th 2018.