KARACHI: The cotton price stayed stable during the trading session at cotton market. Around 690 bales changed hands.
The Karachi Cotton Association (KCA) spot rate remained intact at Rs 6,800 per maund, the fibre dealers said.
Traders said the leading buyers made deals for all qualities of lint offered by the ginners during the trading session.
They said the spinners remained eager for quality cotton on slightly higher prices during the session while the leading ginners sensing future demand of quality lint offered few stocks on higher prices to the buyers.
Ghulam Rabbani, a senior trader said the domestic buyers started accepting a bit higher prices as the leading users bought around 360 bales at Rs 6,825 per maund to Rs 6,850 per maund during the session.
He said the leading buyers would remain eager to purchase quality lint on slightly higher prices on the back of growing demand of yarn and cloth.
The leading spinners would likely to import quality cotton in near future for meeting demands.
A senior broker said the ginners of Sindh and Punjab offered quality cotton to the buyers at around Rs 6,675 per maund while ginners of Sindh offered raw lint to the buyers around Rs 5,975 per maund, depending on trash level.
He said market remained steadier tones as the buyers were looking for better grades of lint for Rs 6,750 to 6,800 per maund.
Around 200 bales of Sanghar changed hands at Rs 6,700 per maund, 200 bales of Rahimyar Khan at Rs 6,675 per maund, 200 bales of upper Sindh at Rs 6,575 per maund and 200 bales of southern Punjab were sold at Rs 6,600 per maund.
New York Cotton July Futures 2017 contract closed at 75.73 cents per pound and October Futures 2017 contract closed at 75 cents per pound. Cotlook A Index closed at 86 cents per pound.