Grade issue forced leading buyers to make cautious deals during trading while the market sentiment remained firm, floor brokers shared. Forward trading for a period of a month also took place.
According to traders at the Karachi Cotton Association (KCA). KCA kept the spot rate intact at Rs 6,650 per maund in order to provide support to weak stakeholders of raw grade to ward off the minimal price level.
During the trading session, buyers in Sindh and Punjab stations bought lint on a cautious note on grade issue while sellers offered second grade of lint at around Rs 6,500 per maund to Rs 6,525 per maund on high demand and in order to capitalize maximum returns on their proceeds.
They added that buyers remained cautious in making big deals and only made deals according to their immediate need of lint in anticipation of the decline in the spot rate.
Mills and spinners in Sindh and Punjab stations made deals for better grades on competitive prices at around Rs 6,375 per maund to Rs 6,650 per maund while secondary buyers made deals for all grades in Punjab and Sindh stations at around Rs 5,975 per maund to Rs 6,475 per maund, traders said.
More than 600 bales changed hands with more than 60 percent of Punjab’s share in trading.
According to fibre analyst Shakeel Ahmad, the textile sector is importing better and second grade lint as it has to accomplish export orders under the Generalised System of Preferences plus status while the local stuff on shrinking would be on valuation. This shows cotton import by textile sector would go up and demand for fine grades would also increase.
Buyers made forward deals for all grades of lint at around Rs 6,325 per maund to Rs 6,525 per maund due to grade issue in parts of Sindh and Punjab stations.
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