Trading session at cotton market witnessed buying of second grade lint on the higher side with stable physical prices. Buyers also made forward deals for a month’s delivery period in second grade of cotton. On the other hand buyers and sellers looking for better grades remained busy in price wars to make deals.
Most deals for second grade of lint changed hands at around Rs 6,500 per maund, during trading session in Punjab and Sindh stations. Raw grades of lint changed hands at Rs 5,975-Rs 6,000 per maund, depending on trash level during trading session.
Leading buyers bought lint at around Rs 6,350-Rs 6,475 per maund. in parts of Sindh and Punjab stations. Spinners made deals in second grade of lint at around Rs 6,450 per maund. Private sector commercial exporters consolidated their long positions by making forward deals at Rs 6,300-Rs 6,325 per maund.
Around 1,800 cotton bales changed hands in the range of Rs 6,000-Rs 6,525 per maund, in parts of Sindh and Punjab stations. Ex-gin price of cotton remained intact at Rs 6,100 per maund. In kerb market, trading took place in the range of Rs 6,050, Rs 6,300 per maund.
Cotton prices likely to remain firm on the back of improving demand from buyers and garment export sector in coming trading sessions.
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