Moderate trading at cotton market

YarnsandFibers News Bureau 2018-02-22 16:00:00 – Karachi

Trade activity remained moderate and lint prices stood firm during trading session at local cotton market. The buyers in Sindh and Punjab stations remained eager for quality lint while deals for second grade of cotton changed hands between leading buyers and sellers on premium price around Rs 7,125 per maund.

The second grade of lint for blending purpose would remain in higher demand along with growing demand for better grades of lint on slightly higher price by the textile sector.

Slow pace of seed cotton arrival kept activity of ginning sector dull while forward deals matured at around Rs 6,900 per maund to Rs 6,950 per maund.

The better quality of lint on back of growing demand would entice buyers to pay premium price after some trading sessions.

Ginners withholding fine lint were steadfast and are not seemed to bow down before the buyers’ offers, as they were confident for price that would not go below spot rate.

However, domestic buyers have started accepting a bit higher prices as the leading buyers made forward deals at around Rs 6,975 per maund.

Ginners of Punjab remained reluctant offering quality cotton to buyers below Rs 6,975 per maund while ginners of Sindh offered raw lint to the buyers around Rs 5,975 per maund, depending on trash level. Around 200 bales of upper Sindh changed hands at Rs 6,750 per maund, 200 bales of Sanghar at Rs 7,000 per maund, 200 bales of Bahawalpur at Rs 7,000 per maund and about 200 bales of southern Punjab at Rs 7,200 per maund.

The Karachi Cotton Association (KCA) spot rate remained intact at Rs 6,900 per maund with forward deals for better lint in focus.

At the Karachi Cotton Exchange dull trading continued, while spot rates remained unchanged. The spot rates stood firm at Rs6,900/maund (37.324kg) and Rs7,395/40kg. Ex-Karachi rates also remained unchanged at Rs7,045/maund and Rs7,550/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

Only three transactions of around 4,000 bales were recorded at a price of Rs7,000 to Rs7,300/maund. Deals were recorded from Ghotki, Sadiqabad and Liaquatpur.

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