KARACHI: Fine grade remained in focus at the cotton market and around 1,000 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 5,025 per maund to Rs 5,525 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 5,325 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, 100 bales of Sanghar changed hands at Rs 5,075 per maund, 100 bales of Multan at Rs 5,075 per maund, 100 bales of southern Punjab at Rs 5,175 per maund and 100 bales of Hyderabad at Rs 5,000 per maund.
New York showed some resistance in futures as the immediate May is going to be in stable position and merger with the July contract would likely benefit.
The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,000 per maund to Rs 5,300 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 4,925 per maund. New York Cotton May future closed slightly down and stayed at 59.67 cents per pound and Ju;y future 2016 closed at 59.73 cents per pound.
Source: Daily Times