KARACHI: The cotton price remained favourable for buyers during the trading session at Karachi cotton market past week. Around 18,000 bales changed hands.
The Karachi Cotton Association (KCA) spot rate closed at Rs 5,900 per maund, the dealers said. Traders said the leading buyers made deals for all grades offered by the ginners during the trading sessions. Buyers also made forward deals for a month period at around Rs 6,075 per maund to Rs 6,200 per maund.
They said the mills and spinners remained eager for quality cotton on slightly higher prices during the sessions while the leading ginners sensing future demand of quality lint offered few stocks on higher prices to the buyers.
Ghulam Rabbani, a senior trader said the domestic buyers started accepting a bit higher prices as the leading millers purchased around 6,000 bales at Rs 6,050 per maund on average during the sessions. He said the leading buyers would remain eager to purchase quality lint on slightly higher prices on the back of growing demand of clothes and yarn. He said there were signs that leading spinners would likely to import the quality cotton in near future for meeting shortfall as well as demand.
He said New York Cotton market remained in the grip of selling pressure and the traders were looking for any good news from Chinese corridors, when they would come and purchase lint to meet their requirements.
A senior broker said the sellers of Punjab offered quality cotton to the buyers around Rs 6,525 per maund while ginners of Sindh offered poor lint to the buyers around Rs 5,975 per maund. He said market remained steadier tones as the buyers were looking for better lots for Rs 6,125 to 6,325 per maund. New York Cotton December future closed at 69.04 cents per pound and March 2017 future closed at 69.64 cents per pound.
Source: Daily Times
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