Depleting stocks kept quality conscious buyers on front foot with focus on better grades of lint amid steady physical prices during trading at lint market. Buyers made deals for better and second grade of cotton on premium prices at around Rs 6,725-Rs 6,675 per maund.
Demand for better grades of lint would likely keep sellers in the driving seat until the arrival of 100,000 cotton bales imported. Sellers were steadfast in negotiating on their asking prices on the back of shrinking quality during trading session at major stations of Punjab and Sindh.
Buyers also made forward deals for a monthâ€™s delivery period in order to fortify their inventories.
While, secondary buyers made deals for normal quality of cotton at around Rs 6,025-Rs 6,175 per maund. Physical prices would remain firm on demand for all grades of cotton that would keep marketâ€™s sentiments positive while bottom line prices were likely to stand firm.
Private sector commercial exporters made deals at Rs 6,250-Rs 6,375 per maund. Raw grades of lint changed hands at Rs 5,975 per maund, depending on trash level during trading session.
Spinners bought cotton at around Rs 6,700 per maund while mills purchased commodity at around Rs 6,600 per maund in order to strengthen their long positions.
At the Karachi Cotton Exchange on Thursday active trading continued, while spot rates remained firm at Rs6,600/maund (37.324kg) and Rs7,073/40kg. Ex-Karachi rates also remained firm at Rs6,745/maund and Rs7,228/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
A total of 20 transactions were recorded of around 21,000 bales at a price of Rs6,000 to Rs7,100/maund. Notable deals were recorded from Saleh Pat, Tando Adam, Kot Sabzal, Fort Abbas, Haroonabad, Yazman, Karor Lal Esan, Mianwali, Bahawalnagar and Layyah
In kerb market, trading took place in the range of Rs 6,500-Rs 6,575 per maund.
According to analyst, the market prices remained stable despite an increase in the arrivals, as the demand remained high and buyers wanted to build up their positions. Although cotton imports from India have been allowed, but not a single permit has been issued to buyers.
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