Trading activity at cotton market remains selective

Trading activity at the cotton market remains selective amid firm physical price. Floor brokers said that majority of buyers bought second grade lint on bargaining prices at around Rs 6,425 per maund during the trading session. Around 960 cotton bales changed hands.

The Karachi Cotton Association (KCA) spot rate stood unchanged at Rs 6,250 per maund.

A senior trader, Ghulam Rabbani said that leading buyers were ready to pay premium price for fine grades and the ginning units in Sindh and Punjab stations were maintaining quality on demand from textile made-up and yarn sector.

The textile sector consolidated long positions while market remained in fair tone and buyers increased their grade-wise purchase in order to consolidate their future positions with fresh fine lots, he added.

In domestic market buyers would remain keeping an eye on quality lint on the back of growing demand of cloth and yarn.

The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,975 per maund to Rs 6,575 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 5,975 per maund.

According to KCA, following deals were said to have changed hands: 100 bales of Sanghar changed hands at Rs 6,375 per maund, 100 bales of Mirpurkhas at Rs 6,200 per maund, 100 bales of upper Sindh at Rs 6,250 per maund and 200 bales of southern Punjab at Rs 6,350 per maund.