Buyer remained alert and only made deals according to their immediate need of lint on back of grade issue and in anticipation of decline in spot rate. While general price kept the leading buyers active on Wednesday.
KCA kept the spot rate intact at Rs 5,450 per maund in order to provide support to weak stakeholders of raw grade to ward off minimal price level, according to floor brokers.
During the trading session, mills in Sindh and Punjab stations made deals for all grades on wary as grade issue slowed down buying. Traders offered all grades of lint on bargaining rates at around Rs 4,975 per maund to Rs 5,025 per maund in order to capitalise maximum returns on their proceeds.
Spinners in Sindh and Punjab stations bought all grades on competitive price at around Rs 4,975 per maund to Rs 5,175 per maund while general buyers made deals for all grades in Punjab and Sindh stations at around Rs 4,975 per maund to Rs 5,025 per maund, traders said.
According to Shakeel Ahmad a fibre analyst, the textile sector is facing dearth of fine grades, that would be a positive sign for the cotton sector and its market valuation.
The recent weather in cotton growing belt in Punjab remained suitable for standing crop, however hot weather in coming days could disturb some of standing crop. The shortage of energy to textile sector was still endangering cotton growers’ selling volumes.
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 5,000 per maund due to grade issue. More than 200 bales changed hands with more than 60 percent of Punjab’s share in trading.
On global front, New York July 2015 Futures stood at around 63 cents per pound.
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