Lint trade remains moderate amid firm spot rate

KARACHI: Trading activity at the cotton market remained moderate on Monday, around 3,000 bales changed hands. The Karachi Cotton Association (KCA) spot rate unchanged Rs 5,250 per maund. Floor brokers said buyers made deals for quality lint on slightly higher prices at around Rs 5,375 per maund during the trading session. A senior trader, Ghulam Rabbani said buyers remained eager for fine grades of cotton and the ginning units in Sindh and Punjab stations were maintaining quality as demand from export sector was increasing as well as big groups consolidated their long positions. The market remained in steady tones and spinners increased their purchase in order to consolidate their future positions with fresh fine lots, he added. According to KCA, 100 bales of upper Sindh changed hands at Rs 4,975 per maund, 100 bales of Multan at Rs 5,175 per maund, 100 bales of Mirpurkhas at Rs 4,975 per maund and 100 bales of Vehari at Rs 5,100 per maund. New York is under correctional phase and immediate March 2016 futures remained unquoted and merger with the May contract. In domestic market buyers would remain eye on quality lint on the back of growing demand of cloth and yarn. The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,075 per maund to Rs 5,225 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 4,700 per maund. New York Cotton March future closed slightly down at 62.25 cents per pound and Cotllok closed at 69.30 cents per pound.

 

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