Cotton market witnessed demand of fine grade lint

During the trading session at cotton market, buyers purchased fine grade lint on slightly higher price at around Rs5,000 per maund to Rs5,525 per maud. Around 300 bales changed hands, said floork brokers.

The Karachi Cotton Association (KCA) spot rate remained firm at Rs 5,650 per maund.

According to a senior trader, Ghulam Rabbani, buyers and sellers remained entangled in price war on second grade stuff and buyers bought grade at around Rs 5,375 per maund to cater their immediate need.

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.

The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,000 per maund to Rs 5,300 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 4,975 per maund.

KCA reported following deals to have changed hands: 100 bales of Multan changed hands at Rs 5,125 per maund, 100 bales of Dadu at Rs 5,025 per maund, 100 bales of southern Punjab at Rs 5,375 per maund and 100 bales of Hyderabad at Rs 5,000 per maund.