By admin       2017-12-08

KARACHI: Better grades of lint remained in focus on depleting stocks that kept quality conscious buyers on front foot amid steady physical prices during trading at lint market. Buyers made deals for better and second grade of cotton on premium prices at around Rs 6,725-Rs 6,675 per maund. Sellers were steadfast in negotiating on their asking prices on the back of shrinking quality during trading session at major stations of Punjab and Sindh. Spinners bought cotton at around Rs 6,700 per maund while mills purchased commodity at around Rs 6,600 per maund in order to strengthen their long positions. Demand for better grades of lint would likely keep sellers in the driving seat until the arrival of 100,000 cotton bales imported. Buyers also made forward deals for a month’s delivery period in order to fortify their inventories. Secondary buyers made deals for normal quality of cotton at around Rs 6,025-Rs 6,175 per maund. Physical prices would remain firm on demand for all grades of cotton that would keep market’s sentiments positive while bottom line prices were likely to stand firm. Private sector commercial exporters made deals at Rs 6,250-Rs 6,375 per maund. Raw grades of lint changed hands at Rs 5,975 per maund, depending on trash level during trading session. Around 1,800 cotton bales changed hands while ex-gin price remained firm at Rs 6,600 per maund. In kerb market, trading took place in the range of Rs 6,500-Rs 6,575 per maund. New York Cotton December Futures 2017 contract closed at around 74 cents per pound, March Future 2018 contract at 72.36 cents per pound and Cotlook A Index was hovering at 85 cents per pound.

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