By admin       2018-01-09

Buyers strengthened their inventories on scarcity of better grades of lint on paying a premium price besides ginners maintained their production volumes largely on focusing on fine grades. Mills made deals for better grades of cotton at a slightly higher price during the trading session at the cotton market. The physical prices would likely remain firm on a slow influx of better grade phutti (cottonseed) at the ginneries. Buyers also made forward deals for a month in anticipation of a further increase in better stuff prices. Around 2,700 bales changed hands while spot rate at the Karachi Cotton Association (KCA) remained firm at Rs 7,800 per maund. The grade issue of lint would keep the ginning sector in the driving seat while better grades of lint changed hands at around Rs 7,425 per maund to Rs 7,500 per maund at major Sindh and Punjab stations. Sellers withholding better grades of lint remained in the driving seat as spinners were in need of better grades. The buying for second grade stuff remained higher and deals changed hands at around Rs 7,175 per maund to Rs 7,250 per maund. The market prices are still in the firm zone and buyers with liquidity are consolidating their long positions in making deals for fine lots. According to KCA, 200 bales of Multan changed hands at Rs 7,000 per maund, 200 bales of upper Sindh at Rs 7,025 per maund, 200 bales of southern Punjab at Rs 7,550 per maund and 200 bales of Bahawalpur at Rs 7,425 per maund. The ginners of Punjab and Sindh offered cotton of all grades to buyers around Rs 6,675 per maund to Rs 7,650 per maund while ginners of Sindh offered raw-grade lint to the buyers around Rs 6,000 per maund, depending on trash level. New York Cotton March Future 2018 contract closed at 78.57 cents per pound and May Future 2018 contract closed at 78.03 cents per pound. Cotlook A Index was hovering at around 88 cents per pound.

Download App

# #

Member Login