KARACHI: The buyers made deals for all grades of lint while buying in second grade of lint remained high amid firm spot rate and strong physical price during week on week basis, traders at Karachi Cotton Association (KCA) said Saturday.
Traders said leading buyers bought better qualities on slightly higher price above spot rate during six trading sessions and market volumes also showed 25 percent increase to 15,000 bales compared to last week. A senior trader of KCA, Ghulam Rabbani said spot rate at KCA remained stable and the overall settlements declared at Rs 6,350 per maund on average while fine lint fetched over Rs 6,575 per maund. He said Trading Corporation of Pakistan (TCP) remained supportive to secure interest of sellers and ginners during trading at Karachi Cotton Market.
He said domestic cotton prices were cheaper than the import price parity to dollar and fine lint remained in focus on back of growing demand by leading mills and spinning units in the country. He said the market sentiments stood on stronger side due to upward trend in New York Cotton besides TCP’s supportive role. He said private sector commercial exporters also consolidated their long positions and bought lint of all qualities during the trading sessions. On Saturday, in the domestic market around 200 bales of Mirpurkhas changed hands at Rs 6,125 per maund, 100 bales of Multan at Rs 6,425 per maund, 100 bales of Yazman at Rs 6,000 per maund, 200 bales of Sanghar at Rs 6,200 per maund and 100 bales of Dadu were sold at Rs 6,000 per maund. New York futures market March 2017 closed at 71.96 with a gain of 0.96 points, May 2017 closed at 72.20 cents per pound with a gain of 0.85 points. Cotlook A index was settled at 70 cents per pound.
Source: Daily Times