Fine lint remained in focus with strong physical price during trading at the cotton market. Trading volumes stood thin as buyers were purchasing lint on an assortment basis with better stocks shrinking to meet their domestic, as well as international commitments of textile and cloth, traders reported. Spot rate also stayed firm.
According to senior trader at KCA, Ghulam Rabbani, export inquiries were pouring in once again in Pakistan because the country's cotton was available at comparatively lower rates in the international market. But at present, are not in a position to meet exports on thin domestic inventories.
Viscose fiber prices are firm in Pakistan, in line with the current trend in VSF prices in China. Yarn prices are remaining relatively firm as a result.
Leading spinners and mills purchased better lint on slightly above the spot rate at around Rs 6,700 per maund while private sector commercial exporters also capitalized their long positions and bought all grades of lint in small volumes in the wake of a possible increase in the price in the next coming sessions.
Intermediate and fiber prices remained firm in the Asian polyester chain and the lack of supply on the paraxylene market is pushing prices up to higher levels, he added.
In the domestic market, following deals changed hands, around 300 bales of Rahimyar Khan changed hands at Rs 6,625 per maund, 200 bales of Nawabshah at Rs 6,550 per maund and 200 bales of Sanghar at Rs 6,575 per maund.
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