Daily Times

KARACHI: Cotton trade on the cotton market remained firm and buyers made deals for better grade of lint on slightly higher price, traders said.

The KCA spot rates remained steady at Rs 6,350 per maund. The leading buyers consolidated their long positions by making deals for better grade lint, floor brokers said.

They said around 690 bales changed hands while fine quality cotton fetched better price around Rs 6,725 per maund.

A senior trader, Ghulam Rabbani said, the sellers withholding better grades remained on front foot and brought fine stocks on higher price in market. Price fixation of cottonseed would also determine the overall lint prices.

“Sellers are looking the cottonseed price and shrinking stocks coupled with growing demand for better grades have provided them opportunity to ask higher price”, Rabbani said.

He said around 30,000 maunds cottonseed is left, however the prices are steady and there seems no immediate panic in the market.

He said textile sector remained eager for better grade of lint on the back of growing demand of cloth and yarn.

A senior broker said the market prices of better grades would remain around at Rs 6,525 per maund to Rs 6,750 per maund. Some ready market deals also changed hands on KCA’s prevailing spot rates during the trading session.

According to KCA, 200 bales of Multan changed hands at Rs 6,300 per maund, 200 bales of Bahawalpur at Rs 6,375 per maund and 200 bales of upper Sindh at Rs 6,150 per maund.

Last night New York futures market October 2017 contract closed at 70 cents per pound while December Futures contract 2017 closed at 70.38 cents per pound. Cotlook A Index closed at 84 cents per pound.

Published in Daily Times, July 25^th , 2017.