At cotton market buyers remained cautious in making any big deal as they only made deals according to their immediate need of lint on back of grade issue and in anticipation of decline in spot rate.
Traders at the Karachi Cotton Association (KCA) on Friday said that buying remains selective with dull volumes on grade issue of lint that kept the leading buyers on sidelines while market’s sentiments were firm with forward trading.
KCA kept the spot rate intact at Rs 5,550 per maund in order to provide support to weak stakeholders of raw grade to ward off minimal price level, said floor brokers.
During the trading session, spinners in Sindh and Punjab stations purchased lint on cautious note on grade issue while sellers offered all grades of lint at around Rs 5,125 per maund to Rs 5,425 per maund in order to capitalize maximum returns on their proceeds.
Traders said that mills in Sindh and Punjab stations made deals for all grades on competitive price at around Rs 4,975 per maund to Rs 5,275 per maund while general buyers made deals for all grades in Punjab and Sindh stations at around Rs 4,975 per maund to Rs 5,000 per maund.
According to Shakeel Ahmad a fibre analyst, the textile sector is the major beneficiary from Generalised System of Preferences plus status, which is a positive sign for the sector besides cotton valuation.
This shows cotton production and demand by textile sector would go neck and neck and demand for fine grades would increase.
Due to grade issue in parts of Sindh and Punjab stations buyers made forward deals for all grades of lint at around Rs 4,975 per maund to Rs 5,375 per maund.
More than 200 bales changed hands with more than 60 percent of Punjab’s share in trading.
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