The cotton price stayed firm during the trading session at cotton market. Around 1,800 bales changed hands. The Karachi Cotton Association (KCA) spot rate remained unchanged at Rs 9,000 per maund.
Buyers made deals for all qualities offered by the ginners during trading session. Deals changed hands at around Rs 8,975 per maund to Rs 9,250 per maund.
Spinners remained quality conscious and made selective deals on slightly higher prices during the session while ginners sensing future demand of quality lint offered thin volumes of better stocks on higher prices to the buyers. The overall trading activity at cotton market is still insignificant in term of volumes as better grades are depleting. The domestic buyers remained eyeing on better grades even on a bit higher price. They bought around 400 bales at Rs 9,225 per maund during the session.
Buyers would remain eager for quality lint on slightly higher price on the back of growing demand of cloth and yarn. Conditions on parts of cottonseed growing areas remained normal for next month sowing. There was possibility that leading buyers likely to import 20,000 bales of quality cotton in near future for meeting domestic and export demands of end products.
New York Cotton market remained in moderate tone and traders were looking for any good news from Chinese corridors, when they would come and purchase lint to meet their requirements.
Ginners of Punjab offered quality cotton to buyers around Rs 9,300 per maund while ginners of Sindh offered raw grade of lint to the buyers around Rs 6,000 per maund, depending on thrash level.
Private sector commercial exporters made deals for better lots at Rs 8,825 to Rs 8,950 per maund.
New York Cotton October Futures contract 2018 closed at 85.06 cents per pound, December Futures contract 2018 closed at 85.09 cents per pound and Cotlook A Index closed at 93 cents per pound.
Source: The Daily Times, Pakistan Tuesday, 14 August 2018