KARACHI: Buyers at lint market remained selective on grade issue however second grade was still in high demand for blending purpose, said floor brokers.
The leading buyers remained eager for fine grades while selective buying on shrinking stocks put the sellers holding better grade in driving seat, they added.
The forward deals also changed hands for all grades amid firm spot rate during lint trading, they said.
The buyers made deals for all grades at around Rs 5,000 per maund to 6,300 per maund, traders at the Karachi Cotton Association (KCA) said.
KCA kept the spot rate intact at Rs 6,650 per maund in order to provide support to sellers holding raw grade in order to capitalise on their deals, said floor brokers.
During the trading session, buyers in Sindh and Punjab stations purchased all grades while sellers offered lint of all grades on bargaining rates at around Rs 4,975 per maund to Rs 6,550 per maund in order to capitalise maximum benefits on their deals, floor brokers said.
Mills bought second grade for blending purposes on back of shrinking grade and in anticipation of paucity, they added.
Buyers in Sindh and Punjab stations consolidated their long positions by making deals in all grades on competitive price at around Rs 5,250 per maund to Rs 6,550 per maund while general buyers made deals for all grades in Punjab and Sindh stations at around Rs 4,975 per maund to Rs 5,200 per maund, traders said.
The textile made up sector is in need of second and better grade lint as it has to fulfil domestic as well as foreign orders. Second grade lint of old crop remained in demand, said Shakeel Ahmad a fibre analyst.
Due to grade issue in parts of Sindh and Punjab stations buyers made forward deals for all grades of lint at around Rs 5,075 per maund to Rs 5,475 per maund.
More than 200 bales changed hands with more than 60 percent of Punjab’s share in trading.
New York October 2016 Futures stood at around 68 cents per pound, October Futures at 68.36 cents per pound and Cotlook A index remained intact at 70 cents per pound.
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