At the cotton market, buyers preferred maintaining their inventories by making deals for better grades on slightly higher price. However leading buyers struck down forward deals for a month period in anticipation of any possible increase in better stuff prices, fibre traders said.
According to senior trader, Ghulam Rabbani, sellers withholding better grades of lint remained in driving seat as buyers were in need of fine grades.
The buying for second grade stuff remained in limelight and deals concluded at around Rs 6,575 per maund to Rs 6,600 per maund.
The ginning units kept maintaining quality, as textile made-up sector was eager for better grades of lint for future needs. The market is in steady tones and spinners and mills are consolidating their long positions in making deals for fresh fine lots.
At the Karachi Cotton Exchange on Tuesday, active trading was witnessed while spot rates remained unchanged at Rs6,000/maund (37.324kg) and Rs6,430/40kg. Ex-Karachi rates also remained unchanged at Rs6,145/maund and Rs6,585/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
KCE recorded 21 transactions of around 21,000 bales at a price of Rs6,050 to Rs6,275/maund. Transactions were recorded from Mirpurkhas, Sanghar, Hyderabad, Kotri, Shahdadpur, Tando Adam, Moro, Sultanabad, Pakpattan, Samundri, Mian Channu, Chistian, Burewala, Sahiwal, Khanewal, Vehari, Arifwala and Chichawatni.
At the Karachi Cotton Association (KCA) spot rate remained firm at Rs 6,000 per maund. Around 900 bales changed hands. According to KCA, 200 bales of Bahawalpur changed hands at Rs 6,325 per maund, 200 bales of upper Sindh at Rs 6,375 per maund, 200 bales of southern Punjab at Rs 6,525 per maund and 200 bales of Sanghar at Rs 6,575 per maund.
At major Sindh and Punjab stations, buyers and sellers remained entangled in price war while deals changed hands at around Rs 6,350 per maund to Rs 6,600 per maund, floor brokers said.
The ginners of Punjab and Sindh offered cotton of all grades to the buyers around Rs 5,975 per maund to Rs 6,675 per maund while ginners of Sindh offered raw-grade lint to the buyers around Rs 5,975 per maund, depending on trash level.
According to an analyst, rain was reported from some cotton growing areas, which would badly affect the quality. There will be no affect on quantity.
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