Buyers at the cotton market remained keen for fine grade quality lint and made deals on slightly higher prices at around Rs5,500 per maund on Monday during the trading session. About 3,000 bales changed hands.
The Karachi Cotton Association (KCA) spot rate unchanged Rs 5,250 per maund.
According to senior trader, Ghulam Rabbani, buyers and sellers remained entangled in price war on second grade stuff. Some buyer to cater their immediate need went ahead to purchase the grade at around Rs 5,225 per maund.
The ginning units kept maintaining quality, as textile sector was eager for better grades of lint for future needs. The market is in steady tones and spinners and millers are consolidating their long positions in making deals for fresh fine lots, he added.
As per KCA following deals changed hands: 200 bales of upper Sindh changed hands at Rs 5,000 per maund, 200 bales of Mirpurkhas at Rs 5,000 per maund, 200 bales of southern Punjab at Rs 5,025 per maund and 200 bales of Vehari at Rs 5,125 per maund.
The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,025 per maund to Rs 5,375 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 4,875 per maund.
On global front, New York showed some resistance in futures as the immediate March is going to be in stable position and merger with the May contract would likely benefit
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