By admin       2017-12-21

KARACHI: Depleting better stocks of lint kept buyers on their feet as they made deals on premium price to fortify inventories. Better grades of cotton fetched above Rs7,100 per maund amid firm physical prices during trading session at leading stations of Punjab and Sindh. Buyers bought better and second grade of cotton at around Rs7,125 per maund and Rs7,000 per maund, respectively. The ginning remained active in producing better grades but offered smaller quantity in anticipation of increase in prices in coming trading sessions. Majority of mills and spinners bought better grades of cotton and also made forward deals for a month delivery period at around Rs6,775 per maund and Rs6,800 per maund, respectively. Demand for better grades of lint would keep sellers on driving seats as end users were not being entertained by government for adjustment in import duties. Secondary buyers purchased all grades of cotton at around Rs6,400 per maund to Rs6,450 per maund during the trading session in Sindh and Punjab stations. Prices remained firm on demand for all grades of cotton that kept market’s sentiments in positive, while bottom line prices are likely to stand in firm frame. Private sector exporters made deals at Rs6,450 per maund to Rs6,475 per maund. Raw grades of lint changed hands at Rs5,975 per maund, depending on trash level during trading session. More than 1,800 cotton bales changed hands while ex-gin price per maund remained firm at Rs7,000 per maund. In Kerb market, trading took place in a range of Rs6,600 per maund to Rs6,625 per maund. New York Cotton March Futures 2018 contract closed at around 76.15 cents per pound, May Future 2018 contract at 76.18 cents per pound and Cotlook A Index was hovering at 85 cents per pound.

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