Trading activity remained dull as buyer in lint market showed eagerness for quality lots keeping physical price in red zone on Wednesday said, traders at the Karachi Cotton Association (KCA).
During the trading session, spinners in Sindh and Punjab stations bought all grades on cautious note as grade issue was continued. Traders offered all grades of lint on bargaining rates at around Rs 4,975 per maund to Rs 5,350 per maund in order to capitalize maximum returns on their proceeds, said floor brokers.
While, mills remained cautious and only made deals according to their immediate need of lint and in anticipation of influx of better grade.
Spinners in Sindh and Punjab stations bought fine grades on competitive price at around Rs 5,525 per maund to Rs 5,600 per maund while general buyers made deals for all grades in Punjab and Sindh stations at around Rs 4,975 per maund to Rs 5,050 per maund, traders said.
According to Shakeel Ahmad a fibre analyst, textile sector is in need of fine grades, that were putting positive impact on growers' interest besides market valuation.
The growers in southern Punjab and upper Sindh improved their scouting against chances of virus attack while weather in cotton growing belt in Punjab remained suitable for standing crop. The shortage of energy to textile sector was still endangering cotton growers' selling volumes.
Buyers made forward deals for all grades of lint at around Rs4,975 per maund to Rs5,225 per maund due to grade issue in parts of Sindh and Punjab stations. More than 200 bales changed hands with more than 65 percent of Punjab's share in trading.
KCA readjustment its spot by reducing Rs50 per maund at Rs 5,200 per maund in order to provide relief to weak stakeholders of raw grade toward off minimal price level.
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