Trading activity remained lean as buyers were reluctant to make any sizeable deal though price was low at the lint market on grade issue, floor brokers said. Some spinners finalized deals of fine type to meet immediate need and around 200 bales changed hands.
The Karachi Cotton Association (KCA) spot rate remained firm at Rs 5,300 per maund. The volumes were slow with traders purchased just 200 cotton bales in the ready market of Sindh and Punjab at Rs 4,950 per maund to Rs 5,450 per maund.
The ginning units kept maintaining quality, as textile sector was in need of better grades of lint for end-product export orders. Buyers made forward deals for a month period in quality lint on slightly higher prices at around Rs 5,650 per maund during the trading session.
A senior trader, Ghulam Rabbani said that growers with fine stocks remained in driving seat as the crop output for 2016 was down by 3.5 million bales to the target of 15.20 million bales.
According to cotton analyst, Naseem Usman, sluggish demand of cotton yarn and fabric in the local market creating unforeseen uncertainties among buyers. On the other hand, the ginners who were facing liquidity crunch, demanded to ban on cotton import, not accepted by the mills and spinners, other analysts said.
The dull trade was attributed to decline in the off-take of cotton yarn due to slow demand from China, dealers said. The cotton market is likely to maintain the sluggish trade, as international big buyers were not interested in commercial activity.
According to dealers following deals were reported to have changed hands: 400 bales of cotton from Burewala sold at Rs 5000-5400, 200 bales from Faqirwali at Rs 5200, 1647 bales from Rahim Yar Khan at Rs 5250-5450, 1000 bales from Sadiqabad at Rs 5450-5500 and 200 bales from Mianwali at Rs 5500
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