Prices remain firm at lint market

YarnsandFibers News Bureau 2017-11-22 17:00:00 – Karachi

Physical prices remained firm of all grades of cotton that kept market’s sentiments in the positive; while bottom line prices stood steady. During trading at lint market, in Punjab and Sindh, buyer bought quality cotton on premium prices as short supply of better grades kept physical prices of lint strong.

Buyers bought better grades of lint on premium prices at around Rs 6,575 per maund to strengthen their inventories while spinners made forward deals during trading session.

Decrease in better stocks of lint kept quality conscious buyers make forward deals for a month’s delivery period; while spinners made deals to consolidate their long positions.

Demand for better grades of cotton would remain on the higher side in coming trading sessions as mills and spinners stockpile better grades for blending purposes. Import of more than 200,000 bales would likely port next month as import price parity was favouring importers to meet shortfall. The commodity would cost around Rs 6,000 per maund.

Sellers withholding better grades of lint remained in the driving seat as stocks were shrinking.

Buyers also made deals for second grade of cotton amid short supply of better grades. Forward deals for second grade of lint were made by buyers at around Rs 6,525-Rs 6,550 per maund.

Secondary buyers purchased cotton at Rs 6,000-Rs 6,125 per maund.

General prices of the commodity would stand firm in coming trading sessions on the back of demand for all grades of lint by leading and secondary buyers.

Prime sellers maintained their price level the on higher side amid shrinking of better grades at the ginneries. Private sector commercial exporters made deals at Rs 6,000-Rs 6,125 per maund.

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

Around 900 cotton bales changed hands while ex-gin price remained firm at Rs 6,500 per maund. In kerb market, trading took place in the range of Rs 6,200-Rs 6,225 per maund.

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