KARACHI: DECEMBER 3, 2017
Demand for better grades of lint kept trading steady amid firm physical prices during past trading week at lint market. Buyers bought second grade of lint on higher prices above spot rate during five trading sessions at major stations of Punjab and Sindh. They made deals for around Rs 6,675-Rs 6,750 per maund in order to meet paucity of better grades; while leading buyers fortified their long positions by making deals for better grades of cotton at Rs 6,700-Rs 6,750 per maund on back of anticipated short supply of better grades.
Mills purchased the commodity to consolidate their long positions. Secondary buyers made deals for all qualities of cotton at around Rs 6,050-Rs 6,200 per maund. Physical prices would remain firm on demand for all grades of cotton that would keep market’s sentiments positive while bottom line prices likely to stand firm.
Majority of deals changed hands in second grade of cotton for producing end-products and blending purposes. Import orders were still in the pipeline by spinners and first consignment would likely be berthed on port by the end of December. Shortfall in target would stand around 2.7 million bales that would keep sellers on firm footing. General prices of commodity would stand firm in coming trading sessions on back of demand for all grades of lint by leading and secondary buyers. Private sector commercial exporters made deals at Rs 6,225-Rs 6,300 per maund. Raw grades of lint changed hands at Rs 5,975 per maund depending on trash level during trading session.
Around 18,900 cotton bales changed hands while ex-gin price per maund remained firm at Rs 6,600 per maund. In kerb market, trading took place in the range of Rs 6,450-Rs 6,500 per maund. New York Cotton December Futures 2017 contract closed at around 71 cents per pound, March Future 2018 contract at 71.03 cents per pound and Cotlook A Index was hovering at 85 cents per pound. (Source: dailytimes.com.pk)