The leading buyers remained selective on grade issues while other buyers made deals according to their immediate need of lint on the back of the grade issue and in anticipation of a decline of the spot rate. The market’s sentiments were firm on forward trading, traders at the Karachi Cotton Association (KCA) said.
During the trading session, buyers of Sindh and Punjab stations made deals for better grades on a cautious note, while sellers offered all grades of lint at around Rs 5,975 per maund to Rs 6,425 per maund in order to capitalize maximum returns on their proceeds, brokers said.
Buyers of Sindh and Punjab stations also made one month forward deals for all grades on competitive prices at around Rs 6,000 per maund to Rs 6,400 per maund while private sector commercial exporters bought all grades in Punjab and Sindh stations at around Rs 5,975 per maund to Rs 6,150 per maund, traders said.
KCA kept the spot rate intact at Rs 5,950 per maund in order to provide support to weak stakeholders of raw grade to ward off a minimal price level, said floor brokers.
Shakeel Ahmad a fibre analyst said that the textile sector is importing better and second grade lint as it has to accomplish exports orders.
Demand for second grade lint would remain on the high side as spinners and mills need stuff for blending purposes.
Cotton import by textile sector would go up and demand for fine grades would also increase. Due to the grade issue in parts of Sindh and Punjab stations buyers made forward deals for all grades of lint at around Rs 6,025 per maund to Rs 6,325 per maund.
More than 900 bales changed hands with more than 60 percent of Punjab’s share in trading
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