KARACHI: Buying of second grade lint remained on higher side with moderate volumes to around 12,600 bales amid firm physical price during week on week basis, traders at Karachi Cotton Association (KCA) said Saturday.
They said mills and spinners consolidated their long positions for making deals for better qualities on slightly higher price above spot rate during six trading sessions and market volumes showed 05 percent increase compared to last week. A senior trader of KCA, Ghulam Rabbani said KCA remained busy in supporting weak growers of lint to fetch better price on their produce settlement declared at Rs 6,000 per maund while fine lint fetched over Rs 6,650 per maund.
He said Trading Corporation of Pakistan (TCP) remained watchful and procure some business to provide relief to ginners during trading. TCP showed little interest in offering its stocks in the 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 would remain on stronger side after Muharran Holidays due to stable global trend in cotton market besides better grade import of lint that is due within two months on port. 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 100 bales of Multan changed hands at Rs 6,350 per maund, 100 bales of Bahawalpur at Rs 6,025 per maund, 100 bales of Mirpurkhas at Rs 6,000 per maund, 100 bales of Sanghar at Rs 6,300 per maund and 100 bales of Shahdadpur were sold at Rs 5,975 per maund.
New York futures market October 2016 closed at 68.63 with a gain of 15 points and the volume traded was 9,630 contracts, December closed at 68.09 cents per pound with a loss of 03 points.
Source: Daily Times