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Cotton price remains stable amid demand for better grades

The cotton price stayed firm during the trading session at cotton market. Around 3,000 bales changed hands. The Karachi Cotton Association (KCA) spot rate remained unchanged at Rs 7,500 per maund.
The buyers made deals for all qualities offered by the ginners during trading session. Deals changed hands at around Rs 6,075 per maund to Rs 7,675 per maund.
Spinners and mills remained quality conscious and made deals on slightly higher prices during the session while leading ginners sensing future demand of quality lint offered thin volumes of better stocks on higher prices to the buyers.
Domestic buyers remained eyeing on better grades even on a bit higher price. They bought around 900 bales at Rs 7,675 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. Weather conditions in parts of cottonseed growing areas were normal.
There was possibility that leading buyers likely to import 15,000 bales of quality cotton in near future for meeting domestic and export demands of end products.
New York Cotton market remained in the grip of speculative selling pressure and the traders were looking for any good news from Chinese-USA corridors.
A senior broker said the ginners of Punjab offered quality cotton to the buyers around Rs 7,700 per maund while ginners of Sindh offered raw grade of lint to the buyers around Rs 5,975 per maund, depending on trash level.
Private sector commercial exporters were looking for better lots for Rs 6,375 to 6,450 per maund.
New York Cotton May Futures 2018 contract closed at 84,71 cents per pound, July Futures 2018 contract closed at 84.70 cents per pound and Cotllook A Index closed at 90 cents per pound..