KARACHI: Better grades of lint remained in demand amid under adjustment Karachi Cotton Association (KCA)’s spot rate during trading session, fibre traders said.
They said buyers and sellers in Sindh and Punjab stations entangled in price war and deals for better lint changed hands on slightly higher price at around Rs 6,700 per maund to Rs 6,750 per maund
Traders said demand for lint of all qualities remained on higher side on the back of growing demand by the mills and spinners during the trading session.
A senior trader, Ghulam Rabbani said spot rate at KCA would likely to remain under correction till arrival of better lots of lint besides providing opportunity to weak sellers to capitalise on their deals. KCA spot rate stood firm and settled at Rs 6,050 per maund.
He said in the domestic market around 390 bales of old crop in Punjab changed hands at Rs 6,675 per maund and about 200 bales of southern Punjab changed hands at Rs 6,600 per maund and another contract that covered 200 bales of a station in upper Sindh was concluded at Rs 6,475 per maund.
He said growers withholding better lint were remained confident for the price to go up in the next coming sessions. Arrival of better grades of lint is still on cards.
A senior broker said physical market price remained firm and ranged between Rs 6,400 per maund and Rs 6,650 per maund. Fine lint would fetch higher rate around Rs 6,775 per maund.
Private sector commercial exporters also made deals for all grades of lint at around Rs 6,000 per maund to Rs 6,300 per maund, floor brokers said.
The New York July Futures 2017 contract closed at around 69.63 cents per pound, October Futures 2017 contract at 70 cents per pound and Cotlook A Index was hovering around 84 cents per pound.
