Daily Times

KARACHI: The buyers made deals for all qualities on slightly higher prices while shrinking better grades put price in comfort zone in lint market during the past trading week, dealers said. The Karachi Cotton Association (KCA) spot rate stayed firm at Rs 5,550 per maund with moderate volumes, while leading buyers made deals with ginners of Sindh and Punjab on competitive price. Brokers said ginners of Sindh and Punjab remained engaged in price war with the buyers on issue of fine lint besides growing demand of the produce kept market sentiments on moderate side despite shrinking domestic stocks. The ginners of Punjab and Sindh offered lots around Rs 5,025 per maund and Rs 5,375 per maund to the buyers, while Punjab ginners offered their raw produce on competitive prices at Rs 4,975 per maund during the past week. The quality lint of Punjab fetched above Rs 5,675 per maund while the poor cotton of Punjab was traded around Rs 4,950 per maund and Rs 4,975 per maund depending on trash level for most of the trading sessions. A senior trader, Ghulam Rabbani said market sentiments remained positive during past week, while ginners withholding fine lint were confident that the spot rates would go further up after some recession in coming days. However, with higher inflation looming, cotton prices should continue to move higher over the longer term on domestic and international front. On Saturday, the last trading day of the week, the spot rate remained firm and buyers made some forward deals for a month period above Rs 5,125 per maund. In the domestic market 100 bales of Sanghar changed hands at Rs 5,275 per maund, 100 bales of Multan at Rs 5,250 per maund and 100 bales of southern Punjab at Rs 5,175 per maund. Last night in New York futures market, July 2016 closed at 62.07 cents per pound, while October closed at 62.23 cents per pound. The Cotlook A index settled at 70 cents per pound.