Lint market stood positive during trading session amid strong spot rate

Lint market stood positive during trading session as buyers made deals for all grades of lint, they also made forward deals for a month period amid strong spot rate. The Karachi Cotton Association (KCA) kept spot rate of Rs5,400 per maund.

The sellers remained in driving seat as they ask price on their own terms on growing demand of all grades that kept market sentiments on higher side despite shrinking domestic fine stocks, floor brokers said.

Majority of the ginning units produced second grade lint to around 4,000 bales out of total output of around 9,600 bales on higher demand.

The mills of Punjab bought fine lots around Rs 5,400 per maund and Rs 5,425 per maund, while Sindh ginners offered their raw produce on competitive prices at around Rs 4,475 per maund.

The quality lint would likely to fetch above Rs 5,500 per maund while the poor cotton would be traded around Rs 4,475 per maund during coming trading sessions.

According to Ghulam Rabbani a senior trader, sellers in coming days would ask higher price for fine grades on increasing demand as quality remained on top priority and the textile and spinning units were covering their long standings.

In the domestic market, around 200 bales each of southern Punjab stations changed hands at Rs 5,100 per maund and Rs 5,125 per maund respectively besides some contracts concluded in the range of Rs 5,150 per maund to Rs 5,250 per maund.