Trading at the lint market remained thin as prices remained higher and spot rates firm. Better grades of lint remained in demand on the back of depleting stocks and demand for other grades of lint would not gain momentum as buyers were eyeing influx of better cottonseed in the ginneries, brokers said.
Also fear of adverse impact on cotton production due to acute shortage of irrigation water kept buyers in the forefront.
Spinners fear that buying cotton would be more difficult in the next season due to acute shortage of water for Kharif crops of Sindh and Punjab. However, limited stocks of cotton held by ginners inhibited trading from expanding even though buyers kept chasing cotton in order to replenish their stocks.
Buyers made deals for fine and second grade lint at around Rs 6,675 per maund and Rs 6,600 per maund respectively, while raw grade of lint changed hands at around Rs 5,975 per maund.
At Karachi Cotton Association (KCA)'s spot rate remained steady and stayed at Rs 6,750 per maund. According to KCA, 100 bales of Sanghar changed hands at Rs 6,425 per maund, 100 bales of Mirpurkhas at Rs 6,275 per maund, 100 bales of upper Sindh at Rs 6,550 per maund and 100 bales of southern Punjab at Rs 6,750 per maund.
Shakeel Ahmad said that sellers and potential buyers would remain in grip of price war that keep prices of better grades firm. Textile sector would keep purchasing better grades of lint in order to maintain their inventories firm. Private sector commercial exporters also consolidated their long positions and bought all grade stuff on marginally high price at around Rs 6,050 per maund.
The following deals were finalised on the ready counter: 1,000 bales from Kabirwala at Rs7,000, 600 bales Sadiqabad at Rs7,000, 800 bales Rahimyar Khan at Rs7,000 and 400 bales Jotoi at Rs6,875.
On global front, worldâ€™s leading markets remained mixed. The New York cotton market came under profit-selling while Chinese and Indian markets were easy.
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