Cane makes graduate low after pinching book (6)
I believe the answer is:
bamboo
'cane' is the definition.
(I've seen this before)
'graduate low after pinching book' is the wordplay.
'graduate' becomes 'ba'.
'low' becomes 'moo' ('moo' can be a synonym of 'low').
'after' means one lot of letters go next to another.
'pinching' indicates putting letters inside (taking inside).
'book' becomes 'b'.
'ba'+'moo'='bamoo'
'bamoo' enclosing 'b' is 'BAMBOO'.
'makes' acts as a link.
(Other definitions for bamboo that I've seen before include "Supergrass" , "stick" , "Panda's dinner?" , "Panda's staple diet" , "Woody tropical grass with hollow stems" .)