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Range-bound trading was witnessed with fine lint in focus at Pakistan cotton market

YarnsandFibers News Bureau 2014-07-13 15:10:00 – Karachi

Cotton market witnessed range bound trading session with fine lint in focus. Buyers bought fine bales for immediate use besides purchased all grades in order to build up their inventories, while, traders at main stations of Punjab and Sindh bought all grades on cautious note during six sessions besides demand for fine grades remained higher.

 

KCA kept the spot rate at Rs 6,100 per maund in order to help weak growers and ginners to get better prices besides support baseline prices. During trading sessions mills made deals for fine grade while other buyers remained perplexed in price war due to slower arrival of cottonseed on shrinking of better grade.

 

According to trade people, price stability in cottonseed would provide an opportunity to the ginners to start bargaining, but most of them would prefer to negotiate on normal terms.

 

By the end July 2014, demand for better grade cotton would likely to go up by 2 percent to 100,000 bales, as most of the leading ginners would bring out stockpile of better grades, said Shakeel Ahmad a fibre expert.

 

This would most likely be due to the demand from textile sector for production of textile made ups and garments and reportedly there would be no better grade by July-end.

 

However, during past week arrival of better grade cottonseed at Punjab and Sindh stations put general prices in firm frame, while trading remained dull on last trading day on Saturday in all stations

 

Around 1,000 bales changed hands during trading session in Punjab and Sindh stations. Most of the deals changed hands at around Rs 5,975 to Rs 6,275 per maund while second grade lint fetched around Rs 6,075 per maund.

 

Textile and spinning sector made deals for all grades at around Rs 6,175 to Rs 6,275 per maund. During trading sessions most of the medium sized ginning units (21) ginned all grades as they produced more than 12,000 bales.

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