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Lint price remained overall firm on average volumes past week

YarnsandFibers News Bureau 2016-05-08 13:00:00 – Karachi

With firm physical prices, lint trading remained fair as fine grades were in focus. The official spot rate remained firm at Rs 5,650 per maund while cottonseed prices in Sindh stood around at Rs 3,250 per maund and Rs 3,375 per maund and in Punjab rates stayed at Rs 3,450 and Rs 3,625 per maund, traders said.

Due to better arrival of cottonseed and ginners sped up their deliveries in anticipating increase in demand in the near future keeping the economic activities firm floor brokers said.

In the ready business past week, more than 9.000 bales of cotton changed hands between Rs 4,975 and Rs 5,600 per maund.

According to the lint analyst Shakeel Ahmad the mills and spinners made deals for all grades on less than expected crop arrival for current season.

However during past trading week, fine grade demand combined with second grade stuff for blending purposes kept physical prices in firm frame.

Karachi Cotton Association (KCA) readjusted the physical rate on technical grounds by Rs 50 per maund past week in order to provide support to weak stakeholders of raw grade to ward off minimal price level.

Buyers at major stations of Punjab and Sindh remained busy buying fine grades as demand of better grades was growing on back of producing better textile products while potential buyers made deals for all grades in order to fortify their inventories before shrinking fine grade lint..

During trading activities sellers demanded slightly higher prices for better grades at around Rs 5,650 per maund to Rs 5,675 per maund, traders said.

During the past week arrival of better grade cottonseed at Punjab and Sindh stations put general prices firm, while trading remained range-bound on last trading day in all stations.

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