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At lint market, demand for better lint grades kept trading firm. Leading buyers fortified their long positions by making deals for better grades of cotton at Rs 6,700-Rs 6,750 per maund, on the back of anticipated short supply of better grades during upcoming trading sessions.

Demand for better grades of lint would keep quality conscious buyers make forward deals for a month’s delivery period in coming days.

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Panic buying of the past two days was no longer evident as both buyers and sellers seemed to have rationalised their approach and steady conditions prevailed on the cotton market on Wednesday as buyers indulged in short covering for their near future demands.

Pakistan Central Cotton Committee’s (PCCC) review has set aside all fears and apprehensions that were afloat about the size of the crop in the light of heat wave, smog and fog impact, said Naseem Usman, chairman Karachi Cotton Brokers’ Forum.

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Trading activity remained firm at cotton market as buyers bought better grades of lint on higher than market physical prices during trading session in Punjab and Sindh stations, keeping sellers in the driving seat.

Buyers made deals in better and second grade of cotton on shrinking stocks. Spinners bought second grade of lint at around Rs 6,500-Rs 6,525 per maund, in parts of Sindh and Punjab stations.

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The cotton market on Tuesday recorded moderate to active trading with readily available lint allowed steady flow of buying orders, helping many spinners who rushed back to replenish their stock. Renewed buying interest was witnessed. However, due to shortage of quality lots many spinners were unable to get stocks of their choice.

The rising demand helped phutti prices stabilise in the range of Rs2,800-3,000 per 40 kg for both Sindh and Punjab varieties. According to market reports, cotton prices could come under pressure once phutti arrival surges.

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During the trading session at cotton market, sustained buying from leading spinners helped cotton prices inch up on Wednesday. Spinners and mills remained quality conscious and made deals on slightly higher prices during the session while leading ginners sensing future demand of quality lint offered thin volumes of better stocks on higher prices to the buyers.

Much of the trading activity remained centered around Punjab variety which is now available in larger quantity due to higher flow of phutti. However, Sindh quality cotton remained in slow demand.

Related Keywords: buyers preferred maintaining inventories, cotton bale, Cotton market, fibre traders, ginning units, KCA, KCE, leading buyers struck down forward deals, made deals for better grades, month period in anticipation, possible increase in better stuff prices, slightly higher price, spot rate

At the cotton market, buyers preferred maintaining their inventories by making deals for better grades on slightly higher price. However leading buyers struck down forward deals for a month period in anticipation of any possible increase in better stuff prices, fibre traders said.

According to senior trader, Ghulam Rabbani, sellers withholding better grades of lint remained in driving seat as buyers were in need of fine grades.
The buying for second grade stuff remained in limelight and deals concluded at around Rs 6,575 per maund to Rs 6,600 per maund.

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Trading activity at lint market remains selective on grade issue while some buyers made deals on slightly high price on shrinking better grades of lint that also kept general prices in green zone. Also some deals were made for second grade stuff on premium price.

Some of the leading buyers in Sindh and Punjab stations during trading session made forward deals on slightly higher price at around Rs6,725 per maund for consolidating inventories, floor brokers said.

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At lint market, buyers made majority deals which were grade-selective while some buyers made deals for second grade stuff on premium price. Forward deals also changed hands as buyers consolidated inventories in Sindh and Punjab stations during trading session, floor brokers said.

Related Keywords: cotton bales, Cotton market, expands on Wednesday, improve the supply of quality lint, increasing flow of phutti, KCA, KCE, kept prices steady, seed cotton, short supply against higher demand, spot rate remain unchanged, trading activity

Trading activity on the cotton market expands on Wednesday with increasing flow of phutti (seed cotton) which will also improve the supply of quality lint. However, short supply against higher demand kept prices steady.

Phutti arrivals from Sindh continue to be higher due to early maturing of crop, therefore much of trading was noted in this variety.However, supplies from Punjab were also improving.

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Buyers bought better grades of lint on slightly higher price amid firm physical prices besides forward deals were made in anticipating increase in general prices and on fast depleting of better grades of lint during trading session on lint market. During the trading session, buyers also bought second grade of line at around Rs6,650 per maund for blending purpose.

The Karachi Cotton Association (KCA) kept the spot rate at Rs 6,200 per maund.