By admin       2017-11-13

KARACHI: Better grades of lint remained in focus amid firm physical prices during trading session in Sindh and Punjab stations. Buyers made deals for all grades of cotton that kept market’s bottom line prices steady. Buyers also made forward deals for second grade of lint at around Rs 6,475 – Rs 6,525 per maund. Demand for better grades of cotton remained on the higher side during trading session and was bought by mills and spinners at around Rs 6,550 – Rs 6,575 per maund. Secondary buyers purchased all grades of lint at around Rs 6,150 – Rs 6,175 per maund, during trading session at Punjab and Sindh stations. Sellers withholding better grades of lint in anticipation of increase in prices in coming trading sessions remained reluctant to offer sizeable volumes while recent foggy weather in belts of growing areas in Punjab remained a threat to quality of output. Less arrival of better cottonseed at the ginneries would likely keep prices in the green, at around Rs 6,475 – Rs 6,625 per maund. Buyers also made forward deals at around Rs 6,250 – Rs 6,275 per maund. Paucity of better grades kept buyers selective while sellers kept maintaining their price level on the higher side, on shrinking of better grades at the ginneries. Private sector commercial exporters made deals at Rs 6,000 – 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 3,600 cotton bales changed hands while ex-gin price remained firm at Rs 6,400 per maund. In kerb market, trading took place in the range of Rs 6,050 – Rs 6,250 per maund. New York Cotton December Futures 2017 contract closed at 69.39 cents per pound, March Future 2018 contract at 69.30 cents per pound and Cotlook A Index was hovering at 85 cent.

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