Fine grade lint remains in demand during trading session at cotton market

During the trading session on cotton market, buyers made deals for all grades on slightly higher price at around Rs 5,000 per maund to Rs5,650 per maund and around 300 bales changed hands, said floor brokers.

The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,000 per maund to Rs 5,150 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 4,975 per maund.

A senior trader, Ghulam Rabbani said that buyers and sellers remained entangled in price war on second grade stuff and buyers bought grade at around Rs 5,400 per maund to cater their immediate need.

He further added that the ginning units kept maintaining quality, as textile sector was eager for better grades of lint for future needs. The market is in steady tones and spinners and mills are consolidating their long positions in making deals for fresh fine lots.

The Karachi Cotton Association (KCA) spot rate remained firm at Rs 5,550 per maund.

According to KCA, 100 bales of Multan changed hands at Rs 5,050 per maund, 100 bales of Hyderabad at Rs 5,000 per maund, 100 bales of southern Punjab at Rs 5,250 per maund and 100 bales of Mirpurkhas at Rs 5,000 per maund.