Lint trading remains dull with firm physical price
Buyers and sellers remained on sideline due to slow pace trading activities while some forward deals changed hands for all qualities amid steady physical price during the trading session, dealers said.
The Karachi Cotton Association (KCA) kept spot rate unchanged at Rs 4,700 per maund and market ended first working day after Eid with thin volumes and majority of the ginning units remained inactive.
Brokers said the workforce has now started returning back to their workplaces while ginning in Sindh and Punjab remained lull on this pretext.
However sellers and buyers remained entangled on issue of fine lint price while growing demand of fine produce kept market sentiments on higher side despite shrinking domestic stocks, floor brokers said.
The growers of Punjab offered lots around Rs 4,550 per maund and Rs 4,575 per maund to the buyers, while Sindh ginners offered their raw produce on competitive prices at around Rs 4,425 per maund.
The quality lint would fetch above Rs 4,675 per maund while the poor cotton would be traded around Rs 4,450 per maund and Rs 4,475 per maund during coming trading sessions. Ghulam Rabbani a senior trader said market sentiments would remain positive in coming days and fine lint would fetch better price. Quality was becoming first now and the mills and spinners would make all efforts to find and cover their long standings.
In the domestic market, around 50 bales each of Sindh and Punjab stations changed hands at Rs 4,500 per maund and Rs 4,525 per maund respectively besides some contracts that concluded in the range of Rs 4,575 per maund to Rs 4,600 per maund. Last night in New York futures market, December 2015 closed at 60 cents per pound, while January 2016 closed at 62 cents per pound.