The buyers at lint market made deals for better grades of lint paying premium price, while market's sentiments remained steady on forward trading, traders said. Most of the buyers made deals according to their immediate need of lint on back of grade issue and in anticipation of decline in spot rate, they added.
During the trading session, buyers in Sindh and Punjab stations purchased better grades at around Rs 6,575 per maund, while sellers offered all grades of lint at around Rs 5,975 per maund to Rs 6,650 per maund in order to capitalise maximum returns on their proceeds, brokers said.
Buyers in Sindh and Punjab stations also made one month forward deals for all grades on competitive price at around Rs 6,025 per maund to Rs 6,625 per maund while private sector commercial exporters bought all grades in Punjab and Sindh stations at around Rs 5,975 per maund to Rs 6,225 per maund, traders said.
Demand for second grade of lint would remain on high side as spinners and mills need better stuff for blending purpose.
Shakeel Ahmad a fibre analyst said that the textile sector is in need of better and second grade lint as it has to accomplish exports orders.
At the Karachi Cotton Exchange on Wednesday active trading was recorded, while spot rates increased Rs150/maund (37.324kg) and Rs6,484/40kg. Ex-Karachi rates also increased to Rs6,195/maund and Rs6,639/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
KCE recorded trade at a price of Rs5,950 to Rs6,300/maund. Transactions were witnessed from Kotri, Mirpurkhas, Sangahar, Shahdadpur, Hyderabad, Shahpur Chakar, Tando Adam, New Saeedabad, Nawabshah, Moro and Kandiyaro in Sindh and Bahawalpur, Haroonabad, Vehari, Mian Channu, Kabirwala, Khanewal, Layyah and Mailsi from Punjab.
At the Karachi Cotton Association (KCA), spot rate remained intact at Rs 6,050 per maund in order to provide support to weak stakeholders of raw grade to ward off minimal price level, said floor brokers.
Cotton import by textile sector likely to go up and demand for fine grades would also increase.
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