Fine Lint continue to remain in focus at the trading in cotton market amid range-bound as buyers made careful deals for all grades besides deals for selective lots in order to build up inventories also changed hands by the potential buyers, trader.
Karachi Cotton Association (KCA) kept the spot rate unchanged at Rs 6,500 per maund in order to provide some relief to baseline prices besides support to stakeholders and traders withholding raw grades for getting better prices.
During the trading session, traders in Punjab and Sindh stations purchased all grades at around Rs 5,925 per maund to Rs 6,100 per maund besides some buyers made 1-month forward deals at around Rs 5,925 per maund. Around 2,000 bales changed hands with 60 percent share of Punjab traders while traders in Sindh stations made deals for raw grades at around Rs 5,750 per maund depending on trash level.
Mills purchased all grades besides second level grades while private sector commercial exporters bought second grade stuff at around Rs 5,950 per maund.
Better grades changed hands at around Rs 6,250 per maund on back of dwindling stocks and lower than expected arrival of cottonseed in the ginneries in Punjab and Sindh stations.
The value-added textile sectorâ€™s demand for all grades remained intact. However, due to late crop arrival there would possibly be shortage of lint in end-May period.
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