Trading at cotton market remained grade selective while buyers consolidated their future positions with fresh fine lots making forward deals for better grades of lint on sellers’ asking price pushing physical prices in green zone amid firm spot rate of Rs6,100 per maund at Karachi Cotton Association (KCA), traders said.
Floor brokers said that buyers bought all grades at around Rs 6,275 per maund to Rs 6,500 per maund and deals for fine and second grade lint for blending purpose remained sound that changed hands at around Rs 6,750 per maund on average during trading session.
According to senior trader, Ghulam Rabbani, spinners consolidated their long positions and made deals for second grade on paying premium price. The shrinking fine lint stocks put general price in firm zone and buyers also made a month period forward deals on slightly higher price at around Rs 6,575 per maund in Sindh and Punjab stations.
The private sector commercial exporters consolidated their long positions and bought stuff from old stocks, while in domestic market buyers remained eager for quality lint on the back of growing demand of end products.
The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,975 per maund to Rs 6,575 per maund while ginners of Sindh offered raw grade of lint to the buyers around Rs 5,975 per maund, depending on trash level.
According to KCA, following deals changed hands: 100 bales of Multan changed hands at Rs 6,250 per maund, 100 bales of Mirpurkhas at Rs 6,025 per maund, 100 bales of upper Sindh at Rs 6,425 per maund and 100 bales of southern Punjab at Rs 6,600 per maund.
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