Daily Times

KARACHI: Trading at lint market remained selective while fine and second grade lint of old crop fetched better price, floor brokers said.

Karachi Cotton Association (KCA) kept spot rate at Rs 6,000 per maund in order to support weak sellers to get better returns on their raw stocks, said traders.

The buyers made deals for fine lots on slightly higher price at around Rs 6,625 per maund, traders said.

They said around 200 bales changed hands while second quality cotton fetched slightly higher price around Rs 6,475 per maund.

A senior trader, Ghulam Rabbani said, the ginners withholding second grade of lint remained on driving seat while spinners bought small volumes in anticipation of downward price adjustment in next coming days.

The weather in the cotton cultivation belts in Punjab and Sindh included Multan, Rahimyar Khan, Sanghar, Ghotki, Bahawalpur and major producing areas remained suitable for standing crop, Rabbani said.

He said general price of lint would keep improving on demand that put positive on the market while leading buyers and sellers remained entangled in price war during the trading session.

He said market price would experience some pressure after arrival of imported stuff while market players remained busy in consolidating their long positions.

He said leading growers asked higher rates on growing demand of second grade stuff. He said textile made up sector remained in need of better grades on the back of growing demand of yarn and cloth.

He said some of the ginners in Punjab and Sindh, withholding fine lint remained confident for the price to get strength.

A senior broker said physical market rates remained around Rs 6,650 per maund and Rs 6,675 per maund. Some ready market deals also changed hands below KCA’s prevailing spot rates during the trading session.

According to KCA, 100 bales of southern Punjab changed hands at Rs 6,150 per maund, 100 bales of Mirpurkhas at Rs 6,000 per maund and 100 bales of upper Sindh Punjab at Rs 6,175 per maund.

New York December 2016 Futures stood at around 69.12 cents per pound, March Futures 2017 at 69.50 cents per pound and Cotlook A index remained steady at 69.90 cents per pound.