Cotton prices remain stable with selective buying and improved supplies of all grades at lint market. Physical prices were within the reach of buyers, whereas, reports of paucity of better grades of lint this season could give price benefit to sellers. Forward deals for better and second grade of lint kept trading moderate at lint market.
Despite the fact that more cotton had been produced by the country up to Oct 1, 2017 over the corresponding period last year, however the glut did not dent prices due to oversold position of ginners.
The country produced around 1.3 million more bales during Sept 15-Oct 1 over the corresponding period last season.
Ideally, after the release of higher cotton production figures, prices should have come under pressure but this did not happen. It was encouraging to note that spinners entered the trading ring with full confidence and tried to build up their inventories.
Mills and spinners made deals in second grade of lint at around Rs 6,550-Rs 6,575 per maund, in parts of Sindh and Punjab stations. Buyers with less liquidity made forward deals in order to fortify their long positions while private sector commercial exporters bought second grade of lint.
Buyers made deals for better grades of lint on premium prices at around Rs 6,600-Rs 6,625 per maund and deals in raw grades of lint were done at Rs 6,000-Rs 6,025 per maund, depending on trash level.
Ginners at Sindh stations brought out better grades of lint that changed hands at around Rs 6,575 per maund. The physical prices were predicted to remain firm in the coming trading sessions in Sindh and Punjab stations. Around 1,200 cotton bales changed hands in the range of Rs 6,000-Rs 6,550 per maund, in parts of Sindh and Punjab stations.
At the Karachi Cotton Association (KCA) kept its spot rates steady at the overnight level.
The following major deals were reported to have changed hands on the ready counter: 2,000 bales, Shahdadpur, at Rs6,700 to Rs5,900; 1,000 bales, Tando Adam, at Rs5,500 to Rs6,900; 1,600 bales, Nawabshah, at Rs6,000 to Rs6,100; 1,000 bales, Khairpur, at Rs6,100; 1,000 bales, Rohri, at Rs6,100 to Rs6,150; 1,400 bales, Saleh Pat, at Rs6,100 to Rs6,150; 1,000 bales, Alipur, at Rs6,100 to Rs6,175; 1,400 bales, Dera Ghazi Khan, at Rs6,150; 1,000 bales, Shujabad, at Rs6,125 to Rs6,150; 1,000 bales, Khanewal, at Rs6,125; 1,000 bales, Kahror Pakka, at Rs6,100; 800 bales, Burewala, at Rs6,100; 800 bales, Jalalpur, at Rs6,145; and 1,200 bales, Haroonabad, at Rs6,050.
On global front, world leading markets also remained firm with New York cotton coming under correction and recovered smartly. The reports of another hurricane did not deter sentiments and prices remained firm.
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