Demand for better lint grades keep sellers on driving seats

Demand for better grades of lint from buyer likely to keep sellers on driving seats as import price has been escalated due to increase in dollar value. Buyers made deals for better and second grade of cotton on higher prices on account of depleting better grades of lint. Better and second grade of lint fetched price of Rs 6,925 per maund and Rs 6,875 per maund respectively.

The leading ginning units slowed down supply of better grades in order to get premium prices for in next coming trading sessions sensing on increasing demand from buyers.

Majority of mills and spinners bought better grades of cotton and also made forward deals for a month delivery period at around Rs 6,750 per maund and Rs 6,825 per maund respectively.

Physical prices would remain firm on demand for all grades of cotton that would keep market’s sentiments in positive while bottom line prices likely to stand in firm frame. Private sector commercial exporters made deals at Rs 6,400 per maund to Rs 6,425 per maund. Raw grades of lint changed hands at Rs 5,975 per maund depending on trash level during trading session.

More than 1,200 cotton bales changed hands while ex-gin price per maund remained firm at Rs 6,850 per maund. In Kerb market trading took place in a range of Rs 6,575 per maund to Rs 6,650 per maund.

Active trading was recorded at the Karachi Cotton Exchange on Friday, while spot rates increased Rs100/maund. The spot rates increased to Rs6,950/maund (37.324kg) and Rs7,448/40kg. Ex-Karachi rates also rose to Rs7,095/maund and Rs7,603/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

A total of 27 transactions were recorded of around 32,000 bales at a price of Rs6,400 to Rs7,500/maund. Notable deals were recorded from Daharki, Saleh Pat, Rohri, Khanpur Maher, Khairpur, Kot Sabzal, Khanpur, Liaquatpur, Rahimyar Khan, Shujabad, Bahawalpur, Ahmedpur East, Yazman Mandi, Chistian and Mianwali.