Selective buying witnessed at cotton market

During the trading session at the cotton market due to shrinking of better grades of lint, leading buyer made deals for better grades at a slightly higher price to maintain their inventories. Buyers also made forward deals for a month in anticipation of a further increase in better stuff prices.

The physical prices remained steady and influx of phutti (cottonseed) in ginneries remained normal.

At the Karachi Cotton Association (KCA), spot rate remained firm at Rs 7,800 per maund and around 1,800 bales changed hands. According to KCA, 200 bales of Multan changed hands at Rs 6,925 per maund, 200 bales of upper Sindh at Rs 7,000 per maund, 200 bales of southern Punjab at Rs 7,425 per maund and 200 bales of Mirpurkhas at Rs 6,900 per maund.

At major Sindh and Punjab stations, better grades of lint changed hands at around Rs 7,250 per maund to Rs 7,450 per maund. Sellers withholding better grades of lint remained in driving seat as mills and spinners were in need of better grades.

The buying for second grade stuff remained higher and deals concluded at around Rs 7,000 per maund to Rs 7,275 per maund.

The ginning units kept maintaining quality, as textile made-up sector was eager for better grades of lint for future needs. The market is still in steady tones and buyers with liquidity are consolidating their long positions in making deals for fresh fine lots.