NOVEMBER 6, 2018
The cotton price remained firm during trading session at Punjab and Sindh stations. Around 3,900 bales changed hands. The Karachi Cotton Association (KCA) spot rate remained intact at Rs 8,650 per maund with better lint remained in focus. Leading buyers made cautious deals for all qualities of lint being offered by the ginners during trading session. Volumes remained moderate with growing demand for better lint on slightly higher price by textile export sector during the trading session.
Spinners made deals for better quality of lint on back of growing demand of end product on the domestic front. Ginners withholding better grades of lint remained steadfast not to bow down before the buyers’ offers, however they preferred to capitalised gains offering second grade cotton. Shrinking better stocks forced buyers to pay premium price on deals and domestic sellers have started demanding a bit higher prices.
Mills bought around 600 bales of cotton in Punjab stations at around Rs 8,275 per maund to Rs 8,350 per maund. There were signs that leading mills and spinners would likely to place import orders for 25,000 bales in near future on back of less than production target.
The ginners of Punjab offered quality cotton to the buyers above Rs 8,625 per maund while ginners of Sindh offered raw lint to the buyers around Rs 6,000 per maund, depending on the trash level. In the local market, little business has been noticed with around 200 bales of upper Sindh changed hands at Rs 8,125 per maund, about 200 bales of southern Punjab at Rs 8,475 per maund, 200 bales on ex-Karachi basis at Rs 8,350 per maund and 200 bales of upper Sindh were sold at Rs 8,100 per maund.
New York December Futures contracts 2018 stood at around 84.24 cents per pound, March Futures contracts 2019 at 84.51 cents per pound and Cotlook A Index was hovering around 87 cents per pound. (Source: dailytimes.com.pk)