The overall behavior at cotton market on Thursday was firm and prices began to stabilise. Leading buyers stayed away from the trading ring . However, as per market estimates, the level of prices still remained above import parity.
The current spell of rains in Punjab is being reckoned to be healthy for standing cotton plants and could help improve production. However, leading spinners seemed to be unwilling to take any risk and are keen to import cotton once duty is withdrawn.
The issue of quality continues to inhibit spinners from entering into big deals â€“ the main reason for reducing trading activity. On the other hand, ginners are currently in a fix as they are holding larger unsold stocks of cotton, brokers said.
Chairman Karachi Cotton Brokers Forum, Naseem Usman said crop size would not be as low as was being feared but agreed that some quality issues might reduced consumable quantity of cotton.
The Karachi Cotton Association (KCA) spot rates were steady at overnight level.
The following major deals were reported to have changed hands on ready deals: 1,000 bales, Tando Adam, at Rs6,050 to Rs6,100; 1,600 bales, Saleh Pat, at Rs6,450 to Rs6,600; 2,000 bales, Khairpur, at Rs6,375 to Rs6,400; 1,000 bales, Liaquatpur, at Rs6,700; 800 bales, Rahimyar Khan, at Rs6,700; 1,200 bales, Taunsa, at Rs6,500 to Rs6,550; 400 bales, Shujabad, at Rs6,700; 400 bales, Channi Goth, at Rs6,700; and 400 bales, Jalalpur, at Rs6,700.
In kerb market, trading took place in the range of Rs 6,100-Rs 6,175 per maund.
While, private sector commercial exporters made deals at Rs 6,000-Rs 6,200 per maund. Raw grades of lint changed hands at Rs 5,975 per maund, depending on trash level during trading session. Around 3,600 cotton bales changed hands while ex-gin price remained firm at Rs 6,450 per maund.
The world leading cotton markets gave a mixed trend with New York cotton future contracts recovering losses from a day earlier. The Indian cotton market remained under pressure due to higher crop size.
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