Dull trading activity continued at lint market as majority of stakeholders remained on sidelines on back Eid holiday and rains in most parts of the stations. Buyers made deals on slightly higher price besides forward deals for grade selective and second grade of lint also changed hands, fibre traders said.
Market would become active after Eid holidays, and market buying-interest sentiments would push general prices in green zone while weak ginners to get some strength capitalize on their dealings, traders said.
According to floor brokers, buyers would make deals for all grades besides deals for better and second grade of lint for blending purpose after resumption firm trading. Most of the deals changed hands at around Rs 6,100 per maund to Rs 6,600 per maund during the thin trading session.
A senior trader, Ghulam Rabbani said that leading buyers would consolidate their long positions and make deals for second grade on paying premium price for it. The private sector commercial exporters also consolidated their long positions through buying from old stocks.
The shrinking fine lint put general price in firm zone and buyers were interested to make forward deals on slightly higher price at around Rs 6,625 per maund in Sindh and Punjab stations.
The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,975 per maund to Rs 6,675 per maund while ginners of Sindh offered raw grade lint to the buyers around Rs 5,975 per maund, depending on thrash level.
At the Karachi Cotton Association (KCA) spot rate remained at Rs 5,950 per maund. Deals that changed hands at KCA were, 100 bales of southern Punjab changed hands at Rs 6,350 per maund, 100 bales of Hyderabad at Rs 6,100 per maund, 100 bales of upper Sindh at Rs 6,375 per maund and 100 bales of Bahawalpur at Rs 6,500 per maund.
After Eid, in domestic market mills and spinners would make deals for quality lint on back of growing demand of end textile made up products.
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