Dull trading was witnessed at lint market on paucity of better grades amid easing physical price, traders said. Buyers made selective deals on day basis and forward deals in second grade lint due to which it remained in high demand despite meager supply, floor brokers said.
Also leading buyers made one month forward deals for better grade during trading in Punjab and Sindh stations.
The buyers bought all grades at around Rs 5,000 per maund to 6,200 per maund, traders at the Karachi Cotton Association (KCA) said.
KCA readjusted the spot rate by Rs 50 to remain at Rs 6,350 per maund in order to provide support to sellers holding raw grade in order to capitalize on their deals.
During the trading session, buyers in upper Sindh stations bought all grades while sellers offered lint of all grades on bargaining rates at around Rs 5,025 per maund to Rs 6,275 per maund in order to capitalize maximum benefits on their deals.
While, leading buyers in Sindh made deals for second grade for blending purposes on back shrinking stocks and in anticipation of increase in price, floor brokers said.
Mills in Sindh and Punjab stations consolidated their long positions by making deals in all grades on competitive price at around Rs 5,125 per maund to Rs 6,100 per maund while general buyers made deals for all grades in Punjab and Sindh stations at around Rs 4,975 per maund to Rs 5,150 per maund, traders said.
According to Shakeel Ahmad a fibre analyst, the textile sector in need of better grades to produce quality textile made ups besides it was waiting for early arrival of imported lint expecting during this month. Second grade lint of old crop remained in demand.
Due to grade issue in parts of Sindh and Punjab stations buyers purchased all grades of lint at around Rs 5,075 per maund to Rs 5,425 per maund.
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