During the trading session at cotton market, buyers were seen making selective deals according to their immediate need on back of grade issue and in anticipation of further decline in spot rate while physical price remained under downward adjustment besides forward deals changed hands for second grade lint, floor brokers said.
Traders at the Karachi Cotton Association (KCA) said that the buyers also purchased all grade lint at around Rs 5,000 to 6,225 per maund. KCA kept the spot rate at Rs 6,500 per maund in order to provide support to weak stakeholders of raw grade to ward off minimal price level..
Buyers in Sindh and Punjab stations purchased all grades while ginners offered all grades of lint on bargaining rates at around Rs 4,975 to Rs 6,375 per maund in order to capitalize maximum returns on their proceeds, floor brokers said.
Buyers in Sindh and Punjab stations also consolidated their long positions by making deals in all grades on competitive price at around Rs 5,900 to Rs 6,050 per maund while general buyers made deals for all grades in Punjab and Sindh stations at around Rs 4,975 per maund to Rs 5,125 per maund.
According to Shakeel Ahmad a fibre analyst, the textile sector would import more fine grades to meet local output shortfall, as export orders needs fine end-products.
Due to grade issue in parts of Sindh and Punjab stations buyers made forward deals for all grades of lint at around Rs 5,000 to Rs 5,275 per maund.
More than 200 bales changed hands with more than 60 percent of Punjab's share in trading.
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