Daily Times

Better grade of lint remained in focus amid firm physical prices and shrinking stocks during trading at cotton market, fibre traders said.

Traders said volumes stood moderate as buyers were purchasing lint on assortment basis on shrinking better stocks to meet their domestic as well as international commitments of textile made ups and cloth.

A senior traders at KCA, Ghulam Rabbani said spot rate remained firm and settlement was declared at Rs 8,800 per maund with growing demand of better grades as US cotton prices were higher.

Rabbani said export inquiries were pouring in once again in Pakistan, as country’s cotton was available comparatively at lower rates in international market. “But we at present are not in a position to meet exports on thin domestic inventories. Viscose fiber prices are firm in Pakistan, in line with current trend in VSF prices in China. Yarn prices are remaining relatively firm as a result.

Rabbani said leading spinners and mills purchased better lint on slightly above the spot rate at around Rs 9,100 per maund while private sector commercial exporters also capitalised their long positions and bought all grades of lint in small volumes in wake of possible increase in the price in next coming sessions.

In the domestic market around 200 bales of Sanghar changed hands at Rs 9,000 per maund, 200 bales of Nawabshah at Rs 8,750 per maund and 200 bales of Multan at Rs 8,825 per maund. In international market Future contracts for December 2018 at New York Cotton Market were hovering around 85 cents per pound, March 2018 at 85.18 cents per pound while Cotlook A Index remained intact above 87 cents per pound.

Published in Daily Times, November 17^th 2018.