KARACHI: Fine lint remained in demand amid firm Karachi Cotton Association (KCA) spot rate during trading session, traders said.
They said leading buyers and sellers in Sindh and Punjab entangled in price war and deals for fine lint were made on slightly high price around Rs 6,550 to Rs 6,575 per maund Traders said demand for lint of all qualities remained on high side on the back of growing demand by the mills and spinners during the trading session.
A senior trader, Ghulam Rabbani said spot rate at KCA stood firm and settled at Rs 6,150 per maund. He said in the domestic market around 200 bales of old crop in Punjab was traded at Rs 6,250 per maund, about 200 bales of Sindh changed hands at Rs 6,075 per maund and another contract that covered 200 bales of a station in Sindh was concluded at Rs 6,000 per maund.
He said ginners withholding fine lint were remained confident for the price to go up in the next coming sessions. A senior broker said physical market price remained stable and ranged between Rs 6,450 per maund and Rs 6,575 per maund. Fine lint fetched higher rate around Rs 6,600 per maund.
The New York December Futures 2016 closed at around 73.55 cents per pound, March 2017 at 72.32 and Cotlook A index was hovering around 70 cents per pound.
Source: Daily Times