Daily Times

KARACHI: Lint trade at the stations in Sindh and Punjab remained steady while buyers also made forward deals for better grade of lint on slightly higher price, traders said. The KCA spot rates remained strong at Rs 6,350 per maund. The buyers also consolidated their long position by making deals for better grade lint, floor brokers said.

They said around 900 bales changed hands while fine quality cotton fetched better price around Rs 6,600 per maund.

A senior trader, Ghulam Rabbani said, the sellers withholding fine lots remained on front foot and brought fine stocks on higher price in market. Price fixation of cottonseed stood high by Rs 100 per maund on average.

“They are looking the cottonseed price and shrinking stocks coupled with growing demand have provided them opportunity to ask higher price”, Rabbani said.

He said more than 100,000 cottonseed is left, however the prices are firm and there seems no immediate selling panic in the market.

He said garment and spinning export sector is in need of better input so it remained eager for better grade of lint on the back of growing demand of yarn and cloth.

A senior broker said the physical market rates would remain around Rs 6,325 per maund. Some ready market deals also changed hands below KCA’s prevailing spot rates during the trading session.

According to KCA, 300 bales of southern Punjab changed hands at Rs 6,350 per maund, 300 bales of Yazman at Rs 6,200 per maund and 300 bales of upper Sindh at Rs 6,225 per maund.

Last night New York futures market March 2017 closed at 73.28 cents per pound while May 2017 closed at 74.27 cents per pound.