Range-bound trading was witnessed at lint market

YarnsandFibers News Bureau 2016-03-01 14:00:00 – Karachi

At the lint market focus remained on fine lint keep trading activity range-bound, and the Karachi Cotton Association (KCA) spot rate remained unchanged at Rs5,3000 per maund. During the trading session, buyers made forward deals for quality lint for a month period on slightly higher prices at around Rs 5,650 per maund, said floor brokers. Around 300 bales changed hands.

According to a senior trader, Ghulam Rabbani, buyers remained eager for fine grades of cotton and the ginning units in Sindh and Punjab stations produced second grade lint to around 200 bales out of the total output to 630 bales as future demand from export textile made ups was increasing.

Leading textile groups consolidated their long positions. The trading at market remained firm and mills and spinners increased their purchase in order to consolidate their long positions with fresh fine lots.

The ginners of Punjab and Sindh offered cotton of all grades to the buyers around Rs 4,975 per maund to Rs 5,325 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 4,975 per maund.

According to KCA, following deals changed hands: 100 bales of Hyderabad changed hands at Rs 5,200 per maund, 100 bales of Dadu at Rs 5,075 per maund, 100 bales of upper Sindh at Rs 5,025 per maund and 100 bales of southern Punjab at Rs 5,250 per maund.

In domestic market buyers would keep an eye on quality lint on the back of growing demand of cloth.

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