Demand of better grade of white gold likely to keep prices steady

YarnsandFibers News Bureau 2017-11-02 13:00:00 – Karachi

Demand of better grades of white gold likely to keep prices steady while better grades of lint would fetch better prices above Rs 6,450 per maund with buyers making deals in all grades of cotton. The leading buyers made forward deals to consolidate their long positions.

Spinners and mills replenished their second grade of lint stocks by making deals at around 6,375 per maund to Rs 6,425 per maund during trading session at Punjab and Sindh stations. Sellers withholding better grades of lint offered their stocks on slightly higher price and unmoved to lessen prices during trading session.

Buyers also made one month forward deals at around Rs 6,200 per maund to Rs 6,250 per maund in order to stockpile produce for rainy days. Paucity of better grades kept buyers on front foot while sellers kept maintaining their demand on scarcity of better grades at the ginneries.

Private sector commercial exporters made deals at Rs 6,025 per maund to Rs 6,175 per maund.

Raw grades of lint changed hands at Rs 5,975 per maund depending on trash level during trading session.

Around 3,000 cotton bales changed hands while ex-gin price per maund remained firm at Rs 6,300 per maund. In Kerb market trading took place in a range of Rs 6,000 per maund to Rs 6,275 per maund.

The following deals reported to have changed hands on the ready counter were: 1000 bales of cotton from Ghotki at Rs 6450/6550, 1000 bales from Dherki at Rs 6450/6550, 2000 bales from Rohri at Rs 6300/6350, 2000 bales from Saleh Pat at Rs 6350/6400, 3600 bales from Rahim Yar Khan at Rs 6400/6450, 800 bales from Khanpur at Rs 6450, 400 bales from Rajanpur at Rs 6450, 400 bales from Sadiqabad at Rs 6450, 200 bales from Liaquatpur at Rs 6450, 400 bales from D. G. Khan at Rs 6400, 400 bales from Fazilpur at Rs 6400, 200 bales from Ghazi Ghat at Rs 6400, 1200 bales from Yazman Mandi at Rs 6350/6375, 400 bales from Alipur at Rs 6350, 600 bales from Shujabad at Rs 6350, 800 bales from Mianwali at Rs 6300/6325, 200 bales from Jangh at Rs 6300, 400 bales from Khanka Shareef at Rs 6300, 800 bales from Layyah at Rs 6200/6300, 200 bales from Bahwalpur at Rs 6250, 600 bales from Dharanwala at Rs 6250, 600 bales from Fort Abbas at Rs 6250, 1000 bales from Fort Abbas at Rs 6250, 2600 bales from Haroonabad at Rs 6200/6250, 400 bales from Hasilpur at Rs 6250, 600 bales from Khanewal at Rs 6250, 1200 bales from Chistian at Rs 6200, 100 bales from Gojra at Rs 6200 and 200 bales from Mongi Bangla at Rs 6200.

Cotton analyst, Naseem Usman said that higher-than-expected cotton crop is likely this year, despite this the buyers were not reluctant in laying hands over the fine lint. He also said that the buyers were waiting for the outcome of Cotton Crop Assessment Committee (CCAC) meeting.

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