Daily Times

KARACHI: Lint trade at the leading stations in Sindh and Punjab remained firm while buyers made one-month forward deals for better grades of lint at a slightly higher price, traders stated. The KCA spot rates remained strong at Rs 6,650 per maund while buyers also consolidated their long positions by making deals for better grade lint, according to floor brokers.

They said around 600 bales changed hands while fine quality cotton fetched better prices at around Rs 6,700 per maund.

A senior trader, Ghulam Rabbani said the sellers withholding better lots remained on the front foot and bought fine stocks at a higher price in the market. Price fixation of cottonseed stood high by Rs 150 per maund to Rs 3,400 per maund on average.

“They are looking the cottonseed price, and shrinking stocks coupled with growing demand have provided them with opportunity to ask for a higher price”, Rabbani added. He stated that more than 90,000 bales of cottonseed is left, however the prices are firm and there seems to be no immediate selling panic in the market. The garment and spinning export sector needs better input so it remained eager for better grade lint on the back of growing demand of yarn and cloth.