KARACHI: Trading activity at the cotton market remained lackluster on insignificant demand from leading buyers while around 200 bales changed hands. The Karachi Cotton Association (KCA) corrected the spot rate downward by Rs 50 per maund to stay at Rs 5,750 per maund.
Floor brokers said buyers made cautious deals for second grade lint for blending purpose on bargaining prices at around Rs 5,300 per maund during the trading session.
A senior trader, Ghulam Rabbani said buyers remained ready to pay premium price for fine grades on depleting stocks while the ginning units in Sindh and Punjab stations were maintaining quality on demand.
The workforce of ginneries and trading houses now started coming to the workplaces after Eid holidays in major parts of Sindh and Punjab stations.
The textile sector consolidated their long positions from buffer stocks while market remained in steady tones and buyers selective on grade in order to consolidate their future positions with fresh fine lots, he added.
According to KCA, 100 bales of Mirpurkhas changed hands at Rs 5,225 per maund, 100 bales of Vehari at Rs 5,250 per maund, 100 bales of upper Sindh at Rs 5,100 per maund and0 100 bales of southern Punjab at Rs 5,225 per maund.
In domestic market buyers would remain eye on quality lint 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 5,225 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 4,975 per maund.
New York Cotton October 2016 future closed slightly up at 68.75 cents per pound and Cotlook A was hovering at 70 cents per pound.
Source: Daily Times