At Pakistan cotton market on Thursday focus was more seen on fine grade as buyers remained eager for quality lint and made deals on slightly higher prices at around Rs5,525 per maund during the trading session. Around 3,900 bales changed hands. The Karachi Cotton Association (KCA) spot rate unchanged Rs 5,400 per maund.
According to a senior trader, Ghulam Rabbani, buyers and sellers remained entangled in price war on second grade stuff and buyers bought the grade at around Rs 5,175 per maund to cater their immediate need.
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 millers are consolidating their long positions in making deals for fresh fine lots.
The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,025 per maund to Rs 5,375 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 4,525 per maund.
According to KCA, 200 bales of southern Punjab changed hands at Rs 4,975 per maund, 200 bales of Hyderabad at Rs 4,925 per maund, 200 bales of upper Sindh at Rs 4,025 per maund and 200 bales of Bahawalpur at Rs 5,150 per maund.
On the hand side, New York showed some resistance in futures as the immediate March is going to be in stable position and merger with the May contract would likely benefit. China is in steady position and CCI is continuously increasing in physical and trading floors. Leading buyers would remain eager to purchase quality lint on slightly higher prices on the back of growing demand of clothes and yarn.
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