Lint buying remains moderate  

Lint buying  remains moderate   

KARACHI: Cotton trade at the market remained firm and buyers made deals for better grades of lint at slightly higher prices, traders said. The KCA spot rates remained steady at Rs 6,350 per maund. The leading buyers consolidated their long positions by making deals for better grade lint, floor brokers said. They said around 990 bales changed hands while fine quality cotton fetched a better price of around Rs 6,600 per maund. A senior trader, Ghulam Rabbani said, the sellers withholding better grades remained on the front foot and brought fine stocks on higher price in market. Price fixation of cottonseed would also determine the overall lint prices. "Sellers are looking at the cottonseed price and shrinking stocks coupled with a growing demand for better grades have provided them an opportunity to demand a higher price", Rabbani said. He said around 120,000 maunds cottonseed is left, however the prices are steady and there seems no immediate panic in the market. He said the textile sector remained eager for better grades of lint on the back of growing demand of cloth and yarn. A senior broker said the market prices for better grades would remain around Rs 6,400 per maund to Rs 6,575 per maund. Some ready market deals also changed hands on KCA's prevailing spot rates during the trading session. According to KCA, 200 bales of Mirpurkhas changed hands at Rs 6,100 per maund, 200 bales of Bahawalpur at Rs 6,275 per maund and 200 bales of upper Sindh at Rs 6,250 per maund. Last night New York futures market March 2017 closed at 73.93 cents per pound while May 2017 closed at 73.36 cents per pound.