Lint trade remains moderate amid firm spot rate
KARACHI: Trading activity at the cotton market remained moderate on Thursday, around 300 bales changed hands. The Karachi Cotton Association (KCA) spot rate unchanged Rs 5,400 per maund.
Floor brokers said buyers made deals for quality lint on slightly higher prices at around Rs 5,575 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 mills and spinners increased their purchase in order to consolidate their long positions with fresh fine lots, he added. According to KCA, 100 bales of Hyderabad changed hands at Rs 5,100 per maund, 100 bales of Bahawalnagar at Rs 5,050 per maund, 100 bales of upper Sindh at Rs 5,000 per maund and 100 bales of southern Punjab at Rs 5,225 per maund. In domestic market buyers would remain keep an eye on quality lint on the back of growing demand of cloth and yarn.