Growing demand for fine grades was seen on cotton market amidst range bound trading, while prices of all grades remained cost-effective on cotton market this Monday.
Trading in major stations of Punjab and Sindh remained range-bound while spinners bought all grades on cautious note besides deals for selective lots in order to build up inventories. In some stations in Sindh and Punjab buyers purchased all grades at around Rs 6,025 per maund to Rs 6,050 per maund besides buyers made forward deals for a month period. However demand for fine grade kept the physical prices in comfort zone.
Around 600 bales changed hands with 60 percent share of Punjab traders while traders in Sindh stations made fewer deals for raw grades at around Rs 5,975 per maund depending on trash level.
Mills bought all grades besides second level grades at around Rs 6,200 per maund and Rs 6,275 per maund respectively while private sector commercial exporters made deals for second grade stuff at around Rs 6,000 per maund.
Better grades changed hands at around Rs 6,400 per maund on back of shrinking stocks and lower than expected influx of cottonseed in the ginneries in Punjab stations.
The slower cottonseed influx to the ginneries and slow supply of fine and second grade lint in Punjab stations supported the sellers to demand better prices while some forward deals were made by buyers in order to build up their inventories.
However, trading at leading centres remained dull due to power crisis at textile units and ginneries, grade issue and liquidity problems to buyers.
Karachi Cotton Association retained its spot rate after overnight correction at Rs 5,700 per maund in order to provide support to weak ginners and traders withholding raw grades for getting better prices.
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