Daily Times

Buyers made deals for better grades of lint on premium price amid steady physical prices during trading session at lint market.

The Karachi Cotton Association (KCA) spot rate stayed stable at Rs 8,900 per maund with moderate volumes, while majority of the deals for fine lint changed hands between spinners and ginners at Sindh and Punjab stations.

Mills in Sindh and Punjab stations remained engaged in price war with sellers on issue of better grade of lint besides growing demand of produce kept market sentiments on higher side despite shrinking fine stocks.

The ginners of Punjab and Sindh offered lots around Rs 8,350 per maund to Rs 8,975 per maund to the buyers, while Punjab ginners offered raw produce on competitive prices at Rs 6,000 per maund, depending on trash level.

The quality lint of Punjab fetched above Rs 9,025 per maund while the raw cotton of Sindh was traded around Rs 6,000 per maund during trading session.

Market sentiments remained positive, while sellers withholding fine lint were confident that spot rate would go further up after some recession in coming days. Market players have been demanding of government to invite international experts on cottonseed in order to develop better seed domestically besides enhancing yield acreage to avoid huge imports.

In the domestic market, buyers bought 900 bales from Sindh, spinning units also bought 600 bales from private sector exporters at around Rs 8,625 per maund to Rs 8,875 per maund. Several other contracts concluded in a range of Rs 8,875 per maund to Rs 8,900 per maund.

Last night in New York futures market, December Futures 2018 contract closed at 84.63 cents per pound, while March Futures 2019 contract closed at 84.90 cents per pound. Cotlook A Index closed at 87 cents per maund.

Published in Daily Times, November 13^th 2018.