At the cotton market, the prices of all grades of cotton stood firm during the trading session, according to traders. Around 9,600 bales changed hands.
The Karachi Cotton Association (KCA) spot rate remained intact at Rs 6,850 per maund with better lint in focus, fibre traders reported.
Floor brokers said that leading buyers in Sindh and Punjab stations bought better grade lint on premium prices offered by ginners during the trading session.
According to a senior trader, Ghulam Rabbani, second grade lint for blending purposes would remain in higher demand along with growing demand for fine lint on slightly higher prices by the spinning sector.
The mills and spinning sector were eager for better quality on the back of its growing end product demand on the domestic and export front.
Ginners withholding fine lint were steadfast and not ready to bow down before the buyers’ offers since they were confident the price would not go below the spot rate.
Domestic buyers started accepting slightly higher prices as leading millers bought around 360 bales at Rs 6,875 per maund.
Ginners of Punjab offered quality cotton to the buyers above Rs 6,850 per maund while ginners of Sindh offered raw lint to the buyers at around Rs 5,975 per maund – depending on trash level.
In Sindh, moderate business has been noticed with around 900 bales of upper Sindh changing hands at Rs 6,600 per maund, about 100 bales of southern Punjab at Rs 6,750 per maund, 200 bales on ex-Karachi basis at Rs 6,550 per maund and 200 bales of upper Sindh selling at Rs 6,450 per maund.
While at the Karachi Cotton Exchange trading picked up on Tuesday, while spot rates remained unchanged at Rs6,850/maund (37.324kg) and Rs7,341/40kg. Ex-Karachi rates also remained unchanged at Rs6,985/maund and Rs7,486/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.
The cotton market recorded three transactions of around 3,000 bales at Rs6,775 to Rs7,200/maund.
Mills are preparing for the arrival of new crop, which would start with Sindh’s cotton from the middle of June and the arrivals will pick up the pace in July.
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