At cotton market, general price remained firm during trading activity and volumes were moderate as buyers were purchasing lint of all qualities to meet domestic as well as international commitments of yarn and cloth. However, fine lint remained in focus amid steady spot rate and shrinking stocks of better grades, traders said.
According to floor brokers, sellers and buyers remained entangled in price war and buyers made deals for all grades on competitive price at around Rs 4,975 per maund to Rs 5,025 per maund.
A senior trader, Ghulam Rabbani said that the spot rate remained firm and settlement of spot rate by Karachi Cotton Association (KCA) was declared at Rs 5,550 per maund with growing demand of domestic cotton, as currently US cotton prices were higher.
Lint import from African traders was very much on cards once again, as country's cotton target remained below by 3 million bales this crop season.
Leading mills purchased fine lint on slightly above the spot rate around Rs 5,675 per maund while mills capitalized their long positions in wake of depleting stocks in the next coming sessions.
Around 200 bales of old buffer stocks changed hands with 65 percent share of Punjab traders while traders in Sindh stations made fewer deals for raw grades at around Rs 4,975 per maund depending on trash level.
In the domestic market, it was witnessed that around 100 bales of Sanghar changed hands at Rs 5,275 per maund, 100 bales of Hyderabad at Rs 5,075 per maund and 100 bales of Southern Punjab changed hands at Rs 5,225 per maund.
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