KARACHI: Physical prices remained strong on demand of better and
second grade of cotton during the trading session in major stations of Punjab
and Sindh. Buyers bought the commodity at a premium price while ginners made
deals for second grade of lint in anticipating paucity in the forthcoming
trading sessions at the lint market. Buyers purchased better grades of cotton
at a slightly higher price at around Rs 7,550 per maund to Rs 7,625 per maund
during trading session at Punjab and Sindh stations.
The physical prices would likely remain
firm on paucity of better grades arrival of phutti (cottonseed) in ginneries.
Buyers also made forward deals for a month period at around Rs 6,450 per maund
and Rs 6,600 per maund in anticipation of paucity of better grades in coming trading
sessions. Around 3,600 bales changed hands while spot rate at Karachi Cotton
Association (KCA) remained firm at Rs 7,600 per maund.
rade issue of cotton would keep growers
and ginning sector on driving seat while better grades of lint changed hands
above Rs 7,700 per maund to Rs 7,725 per maund at major Sindh and Punjab
stations. Mills and spinners were in need of better grades of cotton in order
to cater order of quality end products in backdrop of international Frankfurt
textile fair. The market prices are still in firm zone and buyers with
liquidity are consolidating their long positions in making deals for fine lots.
According to KCA, 200 bales of Sanghar changed hands at Rs 6,875 per maund, 200
bales of upper Sindh at Rs 7,275 per maund, 200 bales of southern Punjab at Rs
7,575 per maund and 200 bales of Bahawalpur at Rs 7,025 per maund.
Source: Pakistan Tribune, Pakistan Friday, 12 January 2018