Cotton trading at Pakistan cotton market remained firm as buyers made deals for better grade of lint on slightly higher price. The leading buyers also strengthen their long position by making deals for better grade lint, as per traders.
Around 1,000 bales changed hands while fine quality cotton fetched better price around Rs 6,600 per maund.
The KCA spot rates remained strong at Rs 6,300 per maund. But some ready market deals changed hands below KCA's prevailing spot rates during the trading session.
According to a senior trader, Ghulam Rabbani, the ginners remained on front foot and brought fine stocks on higher price in market. Price fixation of cottonseed is on cards. They are looking the cottonseed price and shrinking stocks coupled with growing demand have provided them opportunity to ask higher price. He said around 200,000 cottonseed is left, however the prices are firm and there seems no immediate panic in the market.
According to KCA following deals changed hands: 200 bales of upper Sindh changed hands at Rs 6,050 per maund, 200 bales of Rahimyar Khan at Rs 6,100 per maund and 200 bales of southern Punjab at Rs 6,200 per maund.
The textile sector remained eager for better grade of lint on the back of growing demand of yarn and cloth.
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