KARACHI: B
uyers made deals for better grades of lint amid firm physical prices besides forward deals also changed hands for second grade of lint during trading session, fibre traders said.
Influx of better grade cottonseed in ginneries is an added factor for stable lint market however raw lint price remained depressed during trading session, floor brokers said.
Forward deals for a month period changed hands that pushed price of second grade of lint in comfort zone. The Karachi Cotton Association (KCA) kept spot rate at Rs 6,700 p
er maund.
Floor brokers said b
uyers bought better and second grade of lint for blending purpose at around Rs 6,675 p
er maund and Rs 6,600 p
er maund during the trading session respectively.
A senior tra
der, Ghulam Rabbani said leading users of lint consolidated their long positions by making deals for second grade if lint on back of shrinking stocks. Shrinking fine lint would put general pr
ices in firm zone and b
uyers were keeping eye on imports due next month on port.
The private sector commercial importers bought all grades on competitive price around Rs 6,000 p
er maund to Rs 6,100 p
er maund from old stocks.
The b
uyers also remained selective on grade and consolidated their future positions with fresh fine lots, he added.
According to KCA, 100 bales of Multan changed hands at Rs 6,475 p
er maund, 100 bales of southern Punjab at Rs 6,650 p
er maund, 100 bales of upper Sindh at Rs 6,300 p
er maund and 100 bales of Bahawalpur at Rs 6,425 p
er maund.
In domestic market b
uyers remained eager for quality lint on the back of growing demand of end products.
New York Cotton May Future 2017 closed slightly depressed at 76.45 cents per pound, July Futures at 76.96 cents per pound and Cotlook A Index was hovering at 86 cents per pound.
