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Range-bound trading seen at major Punjab and Sindh cotton market in Pakistan

YarnsandFibers News Bureau 2014-08-20 11:30:00 – Karachi

Trading in major stations of Punjab and Sindh remained range-bound with growing demand for fine grades, while prices of all grades remained cost-effective. Spinners bought all grades on cautious note besides deals for selective lots in order to build up their inventories on Tuesday.

But at some leading centres dull trading was seen due to political crisis, power crisis at textile units and ginneries, grade issue and liquidity problems to buyers.

However in some stations in Sindh and Punjab buyers purchased all grades at around Rs 6,025 per maund to Rs 6,075 per maund besides buyers made forward deals for a month period.

KCA kept the spot rate unchanged after overnight correction at Rs 5,700 per maund in order to provide support to weak ginners and traders withholding raw grades for getting better prices, floor brokers said.

The demand by leading consumers for all grades is increasing, but grade issue slowed down purchase in anticipating better influx of cottonseed in near future, said Shakeel Ahmad a fibre analyst.

Spinners bought all grades besides second level grades at around Rs 6,225 per maund and Rs 6,275 per maund respectively while private sector commercial exporters made deals for second grade stuff at around Rs 6,000 per maund.

Better grades changed hands at around Rs 6,400 per maund on back of shrinking stocks and lower than expected influx of cottonseed in the ginneries in Punjab stations.

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