During the trading session at cotton market, sustained buying from leading spinners helped cotton prices inch up on Wednesday. Spinners and mills remained quality conscious and made deals on slightly higher prices during the session while leading ginners sensing future demand of quality lint offered thin volumes of better stocks on higher prices to the buyers.
Much of the trading activity remained centered around Punjab variety which is now available in larger quantity due to higher flow of phutti. However, Sindh quality cotton remained in slow demand.
Ghulam Rabbani, a senior trader said that the domestic buyers remained eyeing on better grades even on a bit higher price. They bought around 600 bales at Rs 6,675 per maund during the session.
Buyers would remain eager for quality lint on slightly higher price on the back of growing demand of cloth and yarn. Wet conditions on parts of cottonseed growing areas have increased dampness in produce.
There was possibility that leading buyers likely to import 10,000 bales of quality cotton in near future for meeting domestic and export demands of end products.
The ginners of Punjab offered quality cotton to the buyers around Rs 6,600 per maund while ginners of Sindh offered raw grade of lint to the buyers around Rs 5,975 per maund, depending on trash level.
At the Karachi Cotton Association (KCA) spot rate remained unchanged at Rs 6,000 per maund, the fibre traders said. Buyers made deals for all qualities offered by the ginners during trading session. Deals changed hands at around Rs 6,000 per maund to Rs 6,650 per maund. Around 10,000 bales changed hands.
The following deals were reported on Wednesday: 1,000 bales, Hyderabad, at Rs6,075 to Rs6,100; 1,000 bales, Tando Adam, at Rs6,090 to Rs6,100; 1,000 bales, Shahdadpur, at Rs6,100; 1,000 bales, Sanghar, at Rs6,100; 1,000 bales, Chichawatni, at Rs6,200 to Rs6,275; 600 bales, Haroonabad, at Rs6,250; 600 bales, Pir Mehal, at Rs6,250; 600 bales, Khanewal, at Rs6,250; 400 bales, Mailsi, at Rs6,275; 400 bales, Kabirwala, at Rs6,300; 400 bales, Vehari, at Rs6,250; and 400 bales, Gojra, at Rs6250.
While, at the Karachi Cotton Exchange on Wednesday trading activity slowed after the city witnessed heavy rains, while spot rates increased Rs50/maund.
The spot rates rose to Rs6,050/maund (37.324kg) and Rs6,484/40kg. Ex-Karachi rates also increased to Rs6,195/maund and Rs6,639/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
KCE recorded 21 transactions of around 12,000 bales at a price of Rs6,075 to Rs6,300/maund. Transactions were recorded from Mirpurkhas, Sanghar, Hyderabad, Kotri, Shahdadpur, Tando Adam, Toba Tek Singh, Ali Pur, Chichawatni, Sahiwal, Haroonabad, Gojra, Ahmedpur, Vehari, Pir Mehal, Mianwali, Burewala, Khanewal, Mailsi and Kabirwala.
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