Daily Times

KARACHI: Trading activity at the cotton market got some momentum on improved buying in all grades amid steady spot rate. The Karachi Cotton Association (KCA) kept the spot rate up by Rs 100 per maund to stay at Rs 5,850 per maund.

Floor brokers said buyers made deals for all grades besides in second grade stuff lint for blending purpose on bargaining prices at around Rs 5,300 per maund during the trading session.

A senior trader, Ghulam Rabbani said buyers with strong liquidity would prefer to buy local lint even onpaying premium price for fine grades.

The depleting fine stocks were favouring the ginning units in Sindh and Punjab stations to remain on driving seat.

The work at ginneries and trading houses was now on normal pace after Eid holidays in major parts of Sindh and Punjab stations.

The textile sector consolidated their long positions from old stocks while market remained in steady tones and buyers selective on grade in order to consolidate their future positions with fresh fine lots, he added. According to KCA, 100 bales of Rahimyar Khan changed hands at Rs 5,225 per maund, 100 bales of Mirpurkhas at Rs 5,150 per maund, 100 bales of upper Sindh at Rs 5,200 per maund and0 100 bales of southern Punjab at Rs 5,275 per maund.

In domestic market leading buyers would remain eye on quality lint on the back of growing demand of end products.

The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,000 per maund to Rs 5,300 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 4,975 per maund.

New York Cotton October 2016 future closed slightly up at 75.14 cents per pound and Cotlook A was hovering at 70 cents per pound.