By admin       2017-11-01

KARACHI : Cotton physical prices remained firm as buyers made deals in all grades of cotton that kept market’s trading sentiments steady. The leading buyers made forward deals to consolidate their long positions. Demand of better grades of white gold would likely to keep prices steady while better grades of lint would fetch better prices above Rs 6,450 per maund. Spinners and mills replenished their second grade of lint stocks by making deals at around 6,375 per maund to Rs 6,425 per maund during trading session at Punjab and Sindh stations. Sellers withholding better grades of lint offered their stocks on slightly higher price and unmoved to lessen prices during trading session. Buyers also made one month forward deals at around Rs 6,200 per maund to Rs 6,250 per maund in order to stockpile produce for rainy days. Paucity of better grades kept buyers on front foot while sellers kept maintaining their demand on scarcity of better grades at the ginneries. Private sector commercial exporters made deals at Rs 6,025 per maund to Rs 6,175 per maund. Raw grades of lint changed hands at Rs 5,975 per maund depending on trash level during trading session. Around 3,000 cotton bales changed hands while ex-gin price per maund remained firm at Rs 6,300 per maund. In Kerb market trading took place in a range of Rs 6,000 per maund to Rs 6,275 per maund. New York Cotton December Futures 2017 contract closed at around 68.13 cents per pound, March Future 2018 contract at 68.40 cents per pound and Cotlook A Index was hovering at 84.69 cents per pound.

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