KARACHI: Better grades of lint remained in focus that kept physical prices in green while buyers made deals on premium price to fortify their long positions. Better grades of cotton fetched above Rs 7,050 per maund during trading session at leading stations of Punjab and Sindh.
Buyers purchased better and second grade of cotton at around Rs 7,075 per maund and 7,000 per maund respectively.
The ginning units produced better grades to around 2.000 bales on demand while arrival of cottonseed remained normal.
Majority of leading buyers bought better grades of cotton and also made forward deals for a month delivery period at around Rs 6,750 per maund and Rs 6,800 per maund.
Demand for better grades of lint would keep sellers in driving seats as textile sector have been facing dearth of better grades. Secondary buyers made deals for all grades of cotton at around Rs 6,375 per maund to Rs 6,475 per maund during trading session in Sindh and Punjab stations.
Physical prices would remain firm on demand for all grades of cotton that would keep market’s sentiments in positive while bottom line prices likely to stand in firm frame.
Private sector commercial exporters made deals at Rs 6,425 per maund to Rs 6,475 per maund.
Raw grades of lint changed hands at Rs 5,975 per maund depending on trash level during trading session.
More than 1,500 cotton bales changed hands while ex-gin price per maund remained firm at Rs 7,000 per maund. In Kerb market trading took place in a range of Rs 6,625 per maund to Rs 6,650 per maund.
New York Cotton March Futures 2018 contract closed at around 76 cents per pound, May Future 2018 contract at 76.09 cents per pound and Cotlook A Index was hovering at 85 cents per pound.