Trading remains moderate amid fine lint in focus
KARACHI: The buyers in lint market made deals on cautious note on grade issue while they also made forward deals on sellers’ asking rates, traders at Karachi Cotton Association (KCA) said on Wednesday.
The spinners purchased all grades during trading session at all stations of Sindh and Punjab, while KCA kept spot rate unchanged at Rs 5,350 per maund, traders said. The buyers in Punjab and Sindh stations bought all grades on competitive price while slow arrival of fine cottonseed put brakes on production of quality grades at ginneries.
Buyers made deals in second grade stuff for immediate use at around Rs 5,175 per maund to Rs 5,250 per maund. Fine grades sellers remained in driving seat due to paucity of stuff while KCA remained busy taking steps to provide maximum benefit to the weak stakeholders to capitalise maximum on their stuff, floor brokers said.
Majority of buyers remained quality conscious, however deals changed hands for all grades on competitive price in Sindh and Punjab stations at around Rs 4,950 per maund to Rs 4,975 per maund while production of the lint in the ginneries of Sindh and Punjab remained moderate at around 9,900 bales, floor brokers said. Leading buyers were still eyeing on fine grades, while leading buyers made deals for all grades on competitive price at around Rs 5,500 per maund, said fibre analyst Shakeel Ahmad.
Power and gas shortage was still a factor, disrupting activity at textile and ginning units in major areas, he added. The general prices of all grades remained within the reach of buyers on daily basis, as deals also changed hands around at Rs 6,500 per maund to Rs 5,525 per maund.
The sellers withholding fine grades in some trading stations were asking slightly higher price as some deals changed hands at Rs 5,750 per maund.
The secondary buyers made deals for second grades for blending purposes at around Rs 5,175 per maund while the raw grade stuff was available at around Rs 4,975 depending on trash level.