Daily Times

Trading remained selective on grade issue while buyers made deals for second grade stuff on premium price during trading at lint market, fibre traders said.

Forward deals also changed hands for consolidating inventories by leading buyers in Sindh and Punjab stations during trading session, floor brokers said.

Buyers made deals on slightly high price on shrinking better grades of lint that also kept general prices in green zone. The Karachi Cotton Association (KCA) spot rate remained intact at Rs 8,800 per maund.

Floor brokers said buyers also made deals for all grades besides deals for fine and second grade lint for blending purpose changed hands at around Rs 8,750 per maund to Rs 8,975 per maund during the trading session. A senior trader, Ghulam Rabbani said spinners strengthened their long positions and made deals for better and second grade of lint on paying premium price.

The shrinking better lint put general price in firm zone and buyers also made forward deals on slightly higher price at around Rs 8,925 per maund in Sindh and Punjab stations. The private exporters bought better grades of lint from buffer old stocks of lint. The buyers remained selective on grade issue and consolidated their future positions with fresh fine lots also, he added.

According to KCA, 200 bales of Multan changed hands at Rs 8,750 per maund, 200 bales of Hyderabad at Rs 8,775 per maund, 200 bales of upper Sindh at Rs 8,900 per maund and 200 bales of southern Punjab at Rs 9,050 per maund.

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

The mills in Punjab bought cotton of all grades at around Rs 8,675 per maund to Rs 9,000 per maund while ginners of Sindh offered raw grade of lint to the buyers around Rs 6,000 per maund depending on trash level. New York Cotton December Future 2018 contract closed at 84.71 cents per pound, March Futures 2019 contract at 84.63 cents per pound and Cotlook A Index was hovering at 87.60 cents per pound.

Published in Daily Times, December 12^th 2018.