KARACHI: Buyers made deals for better grades of lint amid firm physical prices besides forward deals also changed hands for second grade of lint during trading session, fibre traders said.
Influx of better grade cottonseed in ginneries is an added factor for stable lint market however raw lint price remained depressed during trading session, floor brokers said.
Forward deals for a month period changed hands that pushed price of second grade of lint in comfort zone. The Karachi Cotton Association (KCA) kept spot rate at Rs 6,700 per maund.
Floor brokers said buyers bought better and second grade of lint for blending purpose at around Rs 6,675 per maund and Rs 6,600 per maund during the trading session respectively.
A senior trader, Ghulam Rabbani said leading users of lint consolidated their long positions by making deals for second grade if lint on back of shrinking stocks. Shrinking fine lint would put general prices in firm zone and buyers were keeping eye on imports due next month on port.
The private sector commercial importers bought all grades on competitive price around Rs 6,000 per maund to Rs 6,100 per maund from old stocks.
The buyers also remained selective on grade and consolidated their future positions with fresh fine lots, he added.
According to KCA, 100 bales of Multan changed hands at Rs 6,475 per maund, 100 bales of southern Punjab at Rs 6,650 per maund, 100 bales of upper Sindh at Rs 6,300 per maund and 100 bales of Bahawalpur at Rs 6,425 per maund.
In domestic market buyers remained eager for quality lint on the back of growing demand of end products.
New York Cotton May Future 2017 closed slightly depressed at 76.45 cents per pound, July Futures at 76.96 cents per pound and Cotlook A Index was hovering at 86 cents per pound.
