By admin       2017-11-23

KARACHI: Buyers made deals for all grades of lint while better grades fetched higher prices on shrinking stocks, during trading at lint market in major stations of Punjab and Sindh. Buyers made sizeable deals for second grade of cotton amid fear of short supply of better grades of cotton in upcoming trading sessions. Demand for better grades of lint kept quality conscious buyers to make forward deals for a month’s delivery period while mills and spinners bought the commodity to consolidate their long positions. Buyers bought better grades of lint on premium prices at around Rs 6,600 per maund to strengthen their inventories; while spinners made forward deals. Physical prices remained firm of all grades of cotton that kept market’s sentiments positive while bottom line prices stood steady. Buyers made forward deals for second grade of lint at around Rs 6,525-Rs 6,550 per maund. Spinners bought second grade of cotton for producing end-products and blending purposes. Textile sector has reportedly booked import orders for more than 300,000 bales to cater to its needs on the back of shrinking better grades of lint, and possible shortfall in production during crop season. Secondary buyers bought cotton at around Rs 6,000-Rs 6,100 per maund. Sellers withholding better grades of lint remained in the driving seat as stocks were shrinking. General prices of the commodity would stand firm in coming trading sessions on the back of demand for all grades of lint by leading and secondary buyers. Private sector commercial exporters made deals at Rs 6,000-Rs 6,150 per maund. Raw grades of lint changed hands at Rs 5,975 per maund, depending on trash level during trading session. Around 960 cotton bales changed hands while ex-gin price remained firm at Rs 6,500 per maund. In kerb market, trading took place in the range of Rs 6,225-Rs 6,275 per maund. New York Cotton December Futures 2017 contract closed at around 71.09 cents per pound, March Future 2018 contract at 71.18 cents per pound and Cotlook A Index was hovering at 84 cents per pound.

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