Cotton price remains stable

During the trading session at Pakistan cotton market, prices remained stable. Buyers made deals for all qualities offered by the ginners. Deals changed hands at around Rs 6,025 per maund to Rs 7,325 per maund. Domestic buyers were buying better grades on a bit higher price as they bought around 200 bales at Rs 7,250 per maund.

Spinners and mills remained quality conscious and made selective deals on slightly higher prices during the session while the leading sellers sensing future demand of quality lint offered few stocks on higher prices to the buyers.

Buyers would remain eager for quality lint on slightly higher price on the back of growing demand of cloth and yarn. Weather conditions in parts of cottonseed growing areas are suitable while sowing is delayed for new crop.

There was possibility that leading buyers likely to import 45,000 bales of quality cotton in near future for meeting domestic and export demands of end products.

Ginners of Punjab offered quality cotton to the buyers around Rs 7,275 per maund while ginners of Sindh offered raw grade of lint to the buyers around Rs 5,975 per maund, depending on thrash level.

Private sector commercial exporters were looking for better lots for Rs 6,425 to 6,550 per maund.

At the Karachi Cotton Association (KCA) spot rate remained unchanged at Rs 7,400 per maund. Around 900 bales changed hands.

On global front, New York Cotton market remained in the grip of speculative trend and the traders were looking for any good news from Chinese corridors, when they would come and purchase lint to meet their requirements.