Buyers seen making deals for better grade at lint market

With steady physical prices trading at lint market remained grade selective, buyers made deals for better grades of lint on slightly higher price besides forward deals also changed hands.

Floor brokers said that during the trading session, buyers made deals for all grades besides deals for better and second grade of lint for blending purpose remained firm and deals changed hands at around Rs 6,600 per maund to Rs 6,700 per maund.

This market buying-interest sentiments pushed general prices in green zone while weak ginners got some strength to capitalize on their dealing, traders said.
The Karachi Cotton Association (KCA) kept the spot rate at Rs 6,800 per maund.

A senior trader, Ghulam Rabbani said that leading buyers consolidated their long positions and made deals for second grade on paying premium price for it.

The shrinking fine lint put general price in firm zone and buyers also made forward deals on slightly higher price at around Rs 6,750 per maund in Sindh and Punjab stations.

The private sector commercial exporters consolidated their long positions through buying from old stocks. The buyers remained selective on grade and consolidated their future positions with fresh fine lots also, he added.

In domestic market mills and spinners remained eager for quality lint on the back of growing demand of end textile made up products.

The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,975 per maund to Rs 6,775 per maund while ginners of Sindh offered raw grade lint to the buyers around Rs 5,975 per maund, depending on thrash level.

According to KCA deals that changed hands includes 200 bales of southern Punjab changed hands at Rs 6,550 per maund, 200 bales of Sanghar at Rs 6,600 per maund, 100 bales of upper Sindh at Rs 6,575 per maund and 100 bales of Bahawalpur at Rs 6,600 per maund.