Daily Times

KARACHI: Buyers remained eager for fine grades while selective buying on shrinking fine stocks put activity on slow pace, Floor brokers said. The forward deals also changed hands for all grades amid firm spot rate during lint trading, they added.

The buyers bought all grades at around Rs 5,025 per maund to 6,325 per maund, traders at the Karachi Cotton Association (KCA) said.

KCA kept the spot rate at Rs 6,650 per maund in order to provide help to that ginners holding raw grade capitalising on their deals, said floor brokers.

During the trading session, buyers in Sindh and Punjab stations struck deals for all grades while sellers offered lint of all grades on bargaining rates at around Rs 4,975 per maund to Rs 6,500 per maund in order to capitalise maximum benefits on their deals, floor brokers said.

Spinners made deals for second grade for blending purposes on back of shrinking grade and in anticipation of price rise, they added.

Buyers in Sindh and Punjab stations consolidated their long positions by making deals in all grades on competitive price at around Rs 5,150 per maund to Rs 6,600 per maund while general buyers made deals for all grades in Punjab and Sindh stations at around Rs 4,975 per maund to Rs 5,325 per maund, traders said.

The textile sector bought selective stocks from old crop on slightly higher price at around Rs 6,200 per maund, besides private sector commercial exporters remained on sideline, 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 5,000 per maund to Rs 5,400 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 68.12 cents per pound, October Futures at 68.06 cents per pound and Cotlook A index remained intact at 69.69 cents per pound.