By admin       2017-10-26

KARACHI: Buyers made deals for better and second grade of lint at slightly higher prices while shrinking better grades put prices in comfort zone in the lint market, during trading session in Punjab and Sindh stations. Karachi Cotton Association (KCA) spot rate stayed firm at Rs 6,300 per maund with moderate volumes, while leading buyers made deals with ginners of Sindh and Punjab on competitive prices. Spinners of Sindh and Punjab remained engaged in price war with the ginners on issue of better lint; growing demand for the produce kept market sentiments firm despite shrinking domestic stocks. Mills of Punjab and Sindh bought all qualities of lint at around Rs 6,025-Rs 6,425 per maund, while Sindh ginners offered their raw produce on competitive prices at Rs 5,975 per maund, depending on trash level. The quality lint of Punjab fetched above Rs 6,450 per maund while raw cotton of Punjab was traded around Rs 5,975 per maund. However, with higher inflation looming, cotton prices should continue to move higher in the long term on domestic and international front. New York Cotton December Futures 2017 contract closed at 68 cents per pound, March Futures 2018 contract closed at 68.29 cents per pound and Cotlook A Index settled at 84 cents per pound.

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