Daily Times

Buyers bought better grade of lint on slightly higher price amid steady physical price while sellers withholding raw stocks offered their stuff on better price to capitalise maximum financial benefit, fibre traders said.

Better lint is on shrinking while crop size 2018 is lower by 2.1 million bales of cotton, growers and dealers said. Major buyers remained in quest of fine grade and imports are not in favour on dollar-rupee parity prices, floor brokers said.

Lint prices would remain stable and buyers with liquidity would prefer pile-up maximum volumes of second grade lint, brokers said.

Paucity of better grades was still forcing leading buyers to consolidated long positions, traders said.

Trading remained moderate with selective buying and economic ginning activities at major stations in Sindh and Punjab stood below normal. Buyers in southern parts of Punjab stations made forward deals while fine grade changed hands at around Rs 8,275 per maund, floor brokers said.

Buyers made selective deals in all grades besides sellers withholding second grade stuff remained confident to fetch better price, traders said. Buying in Punjab and Sindh stations changed hands at around Rs 7,975 per maund to 8,400 per maund, traders at Karachi Cotton Association (KCA) said. KCA kept spot rate at Rs 8,100 per maund in order to provide support to sellers holding raw stocks to capitalise on their deals, said floor brokers.

Textile sector is in need of second and fine grade of lint and near future import would fulfil their quest, said Shakeel Ahmad a fibre analyst.

More than 3,000 bales changed hands with more than 65 percent of Punjab’s share in trading. New York October 2018 Futures stood at around 82 cents per pound, December 2018 Futures at 82.15 cents per pound and Cotlook A index stood at around 91 cents per pound.

Published in Daily Times, September 27^th 2018.