Trading at cotton market turned slow on Friday as buyers and sellers withdrew to the sidelines. Some leading buyers remained selective on quality fear while spinners remained eager to cover their long positions by striking deals on slightly higher price. The past two dayâ€™s brisk activity was no more evident as participants focused on the coming phutti (seed cotton) arrivals report.
The Karachi Cotton Association left its spot rates unchanged at Rs6,750 per maund on Friday.
Ghulam Rabbani, a senior trader said there was no change in domestic front although the international market was in panic selling but it was only a timely profit taking and the market values would come back in next coming session.
Sellers are not reducing the prices and asking price range is on the same level where good stuff is on highest mark of Rs 7,000 per maund, he added. Strong domestic demand has limited any downward revision in premium price.
In the domestic market, players engaged in small trades and volumes remained low as compared to couple of days' trading. Generally market price remained around Rs 6,550 per maund however some trades changed hands at a bit higher prices around Rs 7,000 per maund.
Ginners withholding fine lint were still hoping for the price to go up in the next coming trading sessions on back on growing demand and shrinking quality cotton.
According to KCA, 200 bales of southern Punjba changed hands at Rs 6,575 per maund, 200 bales of upper Sindh at Rs 6,450 per maund, 200 bales of Rahimyar Khan at Rs 6,550 per maund and 200 bales of southern Punjab at Rs 6,925 per maund.
While, trading on the ready counter remained muted as only one transaction of 600 bales from Burewala was reported at the rate of Rs6,900 per maund (around 37 kilograms).
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