By admin       2018-01-17

Improved demand for better grade of lint kept physical prices firm while trading volumes of second grade cotton remained on the higher side during the trading session in major stations of Punjab and Sindh. Buyers bought the commodity at a premium price and spinners made deals anticipating paucity in the coming trading sessions at the lint market. Buyers bought better grades of cotton at a slightly higher price at around Rs 7,675 per maund to Rs 7,725 per maund during trading session at Punjab and Sindh stations. The physical prices would likely remain firm on paucity of better grades arrival of phutti (cottonseed) in ginneries. Buyers made forward deals for a month period at around Rs 6,450 per maund and Rs 6,525 per maund in anticipation of paucity of better grades in coming trading sessions. Around 6,300 bales changed hands while spot rate at Karachi Cotton Association (KCA) remained firm at Rs 7,600 per maund. Anticipating demand of end products and textile made ups from foreign buyers would keep prices of better grades of cotton in green. Better grades of lint changed hands above Rs 7,750 per maund to Rs 7,775 per maund at major Sindh and Punjab stations. Mills were in need of better grades of cotton to cater quality end products in backdrop of sizeable orders in international Frankfurt textile fair. The market prices are still in firm zone and buyers with liquidity are consolidating their long positions in making deals for fine lots. According to KCA, 200 bales of Yazman changed hands at Rs 6,725 per maund, 200 bales of upper Sindh at Rs 7,175 per maund, 200 bales of southern Punjab at Rs 7,675 per maund and 200 bales of Sanghar 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 78.18 cents per pound and May Future 2018 contract closed at 78.09 cents per pound. Cotlook A Index was hovering at around 87 cents per pound.

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