Daily Times

The buyers made deals for better and second grade of lint on slightly higher prices while shrinking better grades put price in comfort zone in lint market during trading session in Punjab and Sindh stations.

Karachi Cotton Association (KCA) spot rate stayed firm at Rs 8,800 per maund with moderate volumes, while leading buyers made deals with ginners of Sindh and Punjab on competitive price.

Mills and spinners of Sindh and Punjab remained engaged in price war with the ginners on issue of better lint besides growing demand for the produce kept market sentiments firm despite shrinking domestic stocks.

Spinners in Punjab and Sindh bought all qualities of lint at around Rs 8,625 per maund to Rs 8,925 per maund, while Sindh ginners offered their raw produce on competitive prices at Rs 6,000 per maund, depending on trash level. The quality lint of Punjab fetched above Rs 9,100 per maund. However, with higher inflation looming, cotton prices should continue to move in both ways over longer term on domestic and international front.

Last night in New York futures market, December Future 2018 contract closed at 85 cents per pound, while March Futures 2019 contract closed at 85.09 cents per pound and Cotlook A Index settled at 88 cents per pound.

Published in Daily Times, December 14^th 2018.