KARACHI: Trading activity at the cotton market remained slow on grade issue, around 600 bales changed hands. The Karachi Cotton Association (KCA) spot rate remained intact at Rs 5,300 per maund.
Floor brokers said buyers made forward deals for quality lint for a month period on slightly higher prices at around Rs 5,575 per maund during the trading session.
A senior trader, Ghulam Rabbani said buyers remained eager for fine grades of cotton and the ginning units in Sindh and Punjab stations were maintaining quality as demand from export sector was increasing.
He said big textile groups consolidated their long positions. The buyers at market remained grade conscious while buyer in need of second grade for blending purpose increased their purchase in order to consolidate their long positions with fresh lots, he added.
According to KCA, 100 bales of Sanghar changed hands at Rs 5,250 per maund, 100 bales of Rahimyar Khan at Rs 5,125 per maund, 100 bales of upper Sindh at Rs 5,075 per maund and 100 bales of southern Punjab at Rs 5,275 per maund. In domestic market buyers would remain keep an eye on quality lint on the back of growing demand of cloth and yarn.
The ginners of Punjab and Sindh offered cotton of all grades to the buyers around Rs 4,975 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 2016 futures closed slightly down at 58.20 cents per pound, May Futures closed at 58.02 cents per pound and Cotlook closed at 70 cents per pound.
Source: Daily Times