KARACHI: Buyers remained eager for fine grade in lint market that kept physical prices steady while general buyers made deals for all grades, traders at the Karachi Cotton Association (KCA) said on Thursday.
KCA kept the spot rate intact at Rs 5,400 per maund in order to provide support to weak stakeholders of raw grade to ward off minimal price level, said floor brokers. During the trading session, spinners in Sindh and Punjab stations bought all grades while mills made deals for fine lots on slightly higher price.
Traders offered all grades of lint on bargaining rates at around Rs 4,975 per maund to Rs 5,575 per maund in order to capitalise maximum returns on their proceeds, floor brokers said. Leading buyer made deals according to their immediate need of lint on back of grade issue and in anticipation of decline in spot rate, they added.
Spinners in Sindh and Punjab stations bought fine grades on competitive price at around Rs 5,575 per maund to Rs 5,600 per maund while general buyers made deals for all grades in Punjab and Sindh stations at around Rs 4,975 per maund to Rs 5,125 per maund, traders said. The textile sector is in need of fine grades, that would put positive impact on prices besides its market valuation, said Shakeel Ahmad a fibre analyst.
The current weather in cotton growing belts in Sindh and Punjab remained suitable for standing crop. The shortage of energy to textile sector was still endangering cotton growers’ selling volumes.
In major parts of Sindh and Punjab stations buyers made forward deals for all grades for a month period at around Rs 5,000 per maund to Rs 5,150 per maund. More than 200 bales changed hands with more than 65 percent of Punjab’s share in trading.
Source: Daily Times