KARACHI: Trading activity at the cotton market remained steady with fine lint remained in focus and around 400 bales changing hands. The Karachi Cotton Association (KCA) spot rate remained intact at Rs 5,400 per maund.
Floor brokers said buyers made forward deals for quality lint for a month period on slightly higher prices at around Rs 5,650 per maund during the trading session. A senior trader, Ghulam Rabbani said buyers remained eager for fine grades of cotton and the ginning units in Sindh and Punjab stations produced second grade lint more than half of the total output to 900 bales as future demand from export textile made ups was increasing. He said big textile groups consolidated their long positions.
The market remained in firm frame and mills and spinners increased their purchase in order to consolidate their long positions with fresh fine lots, he added. According to KCA, 100 bales of Multan changed hands at Rs 5,200 per maund, 100 bales of Mirpurkhas at Rs 5,150 per maund, 100 bales of upper Sindh at Rs 5,075 per maund and 100 bales of southern Punjab at Rs 5,300 per maund.
In domestic market buyers would remain keep an eye on quality lint on the back of growing demand of cloth and yarn. The ginners of Punjab and Sindh offered cotton of all grades to the buyers around Rs 4,975 per maund to Rs 5,275 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 4,975 per maund. New York Cotton March 2016 futures closed slightly up at 62.85 per cent per pound, May Futures at 62.98 cent per pound and Cotlook closed at 71 cents per pound.
Source: Daily Times