Trading remain at moderate pace with deals in second grade of cotton

YarnsandFibers News Bureau 2017-04-03 13:00:00 – Karachi

Trading in lint market remained at moderate pace with buyers making deals for second grade of lint while forward deals also changed hands for better grades, fibre traders said.

Firmness of physical prices provided weak sellers to fetch better bottom-line price. Buyers with less liquidity bought better grades according to their immediate need while weak sellers withholding raw grade of lint offloaded their stocks on better price-parity level, floor brokers said.

Lint market sentiments remained firm on forward trading, traders at the Karachi Cotton Association (KCA) said.

KCA kept the spot rate at Rs 6,700 per maund in order to help weak stakeholders withholding raw grades to ward off minimal price level.

During the trading session, mills in Sindh and Punjab stations purchased second grade of lint, while sellers offered all grades of lint at around Rs 5,975 per maund to Rs 6,775 per maund in order to capitalise maximum returns on their proceeds, floor brokers said.

Spinners in Sindh and Punjab stations made deals all grades on competitive price at around Rs 6,000 per maund to Rs 6,575 per maund while secondary buyers made deals for all grades in Punjab and Sindh stations at around Rs 6,025 per maund to Rs 6,575 per maund.

Shakeel Ahmad a fibre analyst said that sellers withholding better grades of old crop offered produce in modest quantity on better price.

Due to cotton output decline by more than 3 million bales crop season 2016-17, buyers are eyeing on imports.

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