By admin       2018-10-09

The cotton price stayed firm during the trading session at cotton market. Around 3,900 bales changed hands. The Karachi Cotton Association (KCA) spot rate remained unchanged at Rs 7,850 per maund. Buyers made deals for all qualities offered by the ginners during trading session. Deals changed hands at around Rs 7,975 per maund to Rs 8,150 per maund. Mills remained quality conscious and made selective deals on slightly higher prices during the session while ginners sensing future demand of quality lint offered thin volumes of better stocks on higher prices to the buyers. The overall trading activity at cotton market remained moderate in term of volumes as better grades are depleting. The domestic buyers remained eyeing on better grades even on a bit higher price. They bought around 600 bales at Rs 8,000 per maund during the session. Buyers would remain eager for quality lint on slightly higher price on the back of growing demand of cloth and yarn. Conditions on parts of cottonseed growing areas remained normal for next month sowing. Ginners of Punjab offered quality cotton to buyers around Rs 8,225 per maund while ginners of Sindh offered raw grade of lint to the buyers around Rs 6,000 per maund, depending on thrash level. Private sector commercial exporters made deals for better lots at Rs 7,600 to Rs 7,675 per maund. New York Cotton December Futures contract 2018 closed at 82 cents per pound, March Futures contract 2019 closed at 82.09 cents per pound and Cotlook A Index closed at 86 cents per pound.

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