By admin       2018-10-16

Trading activity on the cotton market remained moderate amid strong physical prices, around 3,600 bales changed hands. The Karachi Cotton Association (KCA) spot rate unchanged at Rs 8,500 per maund, fibre traders said. Dealers said leading buyers remained eager for quality lint and bought fine lots on slightly higher prices during the trading session. A senior trader, Ghulam Rabbani said buyers were concentrating on better grades and the ginning units kept maintaining quality as big groups were making deals for future needs. The market is in steady tones and mills are buying second grade of lint in order to consolidate their long positions with fresh grades, he added. Spinners bought second grade of lint for blending purpose while private sector commercial exporters bought better grades on premium price, floor brokers said. According to brokers, 200 bales of southern Punjab changed hands at Rs 8,450 per maund, 200 bales of Sanghar at Rs 8,500 per maund, 200 bales of upper Sindh at Rs 8,275 per maund and 200 bales of Bahawalpur at Rs 8,525 per maund. New York is experiencing shuffling as the immediate December is going to be unquoted and merger with March 2019 contract. China and rest of the world might push market towards new high and prices to jump to 5 percent in near future. China is in steady position and CCI is continuously in firm zone in physical and trading floors. New York December Futures 2018 contract closed at 83 cents per pound, March Futures 2019 contract closed at 83.15 cents per pound and Cotllook A Index closed at 87 cents per pound.

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