KARACHI: Fine grade remained in focus at the cotton market on Monday and around 300 bales changed hands. The Karachi Cotton Association (KCA) spot rate unchanged Rs 5,200 per maund.
Floor brokers said buyers remained eager for quality lint and bought all grades on slightly higher prices at around Rs 5,000 per maund to Rs 5,500 per maund during the trading session.
A senior trader, Ghulam Rabbani said buyers and sellers remained entangled in price war on second grade stuff and buyers bought grade at around Rs 5,200 per maund to cater their immediate need.
The ginning units kept maintaining quality, as textile sector was eager for better grades of lint for future needs. The market is in steady tones and spinners and millers are consolidating their long positions in making deals for fresh fine lots, he added.
According to KCA, 200 bales of Multan changed hands at Rs 5,025 per maund, 200 bales of Sanghar at Rs 5,050 per maund, 200 bales of southern Punjab at Rs 5,075 per maund and 200 bales of Dadu at Rs 5,000 per maund.
New York showed some resistance in futures as the immediate March is going to be in stable position and merger with the May contract would likely benefit. The buyers would remain eager to purchase quality lint on slightly higher prices on the back of growing demand of cloth and yarn.
The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,000 per maund to Rs 5,375 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 4,900 per maund. New York Cotton March future closed slightly down and stayed at 59.36 cents per pound and May future 2016 closed at 59.63 cents per pound.
Source: Daily Times