KARACHI: Trading activity at the cotton market remained moderate and around 300 bales changed hands. The Karachi Cotton Association (KCA) spot rate unchanged Rs 5,200 per maund.
Floor brokers said buyers made deals for quality lint 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 on demand from export sector as well as big groups consolidated their long positions.
The market remained in steady tones and buyers increased their purchase in order to consolidate their future positions with fresh fine lots, he added.
According to KCA, 100 bales of Sukkur changed hands at Rs 5,000 per maund, 100 bales of Rahimyar Khan at Rs 5,100 per maund, 100 bales of upper Sindh at Rs 5,050 per maund and 100 bales of southern Punjab at Rs 5,175 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 5,200 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 4,975 per maund.
New York Cotton May 2016 future closed slightly low at 58.92 cents per pound and Cotllok closed at 69 cents per pound.
Source: Daily Times