Better grades of lint kept the physical prices stable while trading volumes in second grade of cotton remained on the higher side during the trading session in major stations of Punjab and Sindh.
Buyers in anticipation of an upward change in prices in the upcoming trading sessions made forward deals of better grades. Buyers made forward deals for a month period at around Rs 6,550 per maund and Rs 6,600 per maund.
Buyers purchased commodity at a premium price and mills consolidated their inventories in anticipating paucity in coming trading sessions at lint market.
Buyers made deals on slightly higher price at around Rs 7,600 per maund to Rs 7,650 per maund during trading session at Punjab and Sindh stations.
The physical prices would likely to remain firm on shrinking of better grades while arrival of phutti (cottonseed) in ginneries would stand normal.
Spinners were in need of better grades of cotton to cater quality end products in backdrop of sizeable orders from international buyers. The market prices are still in firm zone and buyers with liquidity are consolidating their long positions in making deals for fine lots.
At Karachi Cotton Association (KCA) spot rate remained firm at Rs 7,500 per maund. Around 3,900 bales changed hands. According to KCA, 200 bales of Multan changed hands at Rs 6,625 per maund, 200 bales of upper Sindh at Rs 6,625 per maund, 200 bales of southern Punjab at Rs 7,375 per maund and 200 bales of Sanghar at Rs 7,050 per maund. The ginners of Punjab and Sindh offered cotton of all grades to buyers around Rs 6,675 per maund to Rs 7,725 per maund while ginners of Sindh offered raw-grade lint to the buyers around Rs 6,000 per maund, depending on trash level.
Anticipating demand of end products and textile made ups from foreign buyers would keep prices of better grades of cotton in green.
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