Lint trading remains dull with firm spot rate
Leading buyers and sellers remained on sideline due to slowing down trading activities while forward deals changed hands for lint of all qualities amid firm spot rates during the trading session, dealers said.
The Karachi Cotton Association (KCA) kept spot rate unchanged at Rs 4,700 per maund and market ended last working day with thin volumes, while majority of the stakeholders remained inactive on starting Eid holidays.
Floor brokers said the majority of workforce has already left for their native places to celebrate Eid while ginning in Sindh and Punjab remained zero on this pretext.
However sellers with buyers remained entangled on issue of fine lint price and growing demand of fine produce kept market sentiments on higher side despite shrinking domestic stocks, floor brokers said. The ginners of Punjab offered lots around Rs 4,600 per maund and Rs 4,625 per maund to the buyers, while Sindh ginners offered their raw produce on competitive prices at around Rs 4,450 per maund.
The quality lint would fetch above Rs 4,650 per maund while the poor cotton would be traded around Rs 4,425 per maund and Rs 4,450 per maund during next trading sessions.
Ghulam Rabbani a senior trader said market sentiments would remain positive in coming days and fine lint would fetch better price.
He said quality was becoming rare now and the spinners and millers, in need of better quality cotton would make all efforts to find and cover their long standings. In the domestic market, around 100 bales of Hyderabad and Sanghar at Rs 4,500 per maund besides some other contracts concluded in a range of Rs 4,550 per maund to Rs 4,575 per maund.