Daily Times

Trading activity at the cotton market remained selective and around 3,900 bales changed hands. The Karachi Cotton Association (KCA) spot rate stood firm at Rs 8,900 per maund.

Traders said buyers bought second grade of lint on bargaining prices at around Rs 8,725 per maund during the trading session.

A senior trader, Ghulam Rabbani said buyers were paying premium price for better grades of lint and the ginning units in Sindh and Punjab stations were maintaining quality on demand by textile made up export sector.

The big units of textile sector also consolidated their long positions while market remained in steady tone and buyers increased their grade-wise purchase in order to strengthen their future positions with fresh lots, he added.

According to KCA, 200 bales of Mirpurkhas changed hands at Rs 8,550 per maund, 200 bales of Bahawalpur at Rs 8,975 per maund, 200 bales of upper Sindh at Rs 8,875 per maund and 200 bales of southern Punjab at Rs 8,950 per maund.

In domestic market buyers would keep eye on quality lint on the back of growing demand of cloth and yarn and shrinking stocks, floor brokers were of the view.

The ginners of Punjab offered cotton of all grades to the buyers around Rs 8,675 per maund to Rs 9,025 per maund while ginners of Sindh offered raw grade of lint to the buyers around Rs 6,025 per maund, depending on trash level.

New York Cotton December Futures 2018 contract closed slightly dull at 84.36 cents per pound, March Futures 2019 contract at 84.31 cents per pound and Cotlook A Index was hovering at around 87 cents per pound.

Published in Daily Times, November 14^th 2018.