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 6,750 per maund to Rs 6,775 per maund ahead of Eid holidays
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 after Eid holidays besides providing opportunity to weak sellers to capitalise on their deals. KCA spot rate stood firm and settled at Rs 6,000 per maund.
He said in the domestic market around 300 bales of old crop in Punjab changed hands at Rs 6,600 per maund and about 200 bales of upper Sindh changed hands at Rs 6,400 per maund while another contract that covered 200 bales of a station in southern Punjab was concluded at Rs 6,575 per maund.
He said growers withholding better lint were remained confident for the price to go up in the next coming sessions on resumption of trading after Eid holidays. Arrival of better grades of lint was still on cards.
A senior broker said physical market price remained firm and ranged between Rs 6,450 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 6,200 per maund, floor brokers said.
The New York October Futures 2017 contract closed at around 70 cents per pound, December Futures 2017 contract at 71 cents per pound and Cotlook A Index was hovering around 84 cents per pound.