Pakistan: Fine lint remains in focus at cotton market


KARACHI: The Karachi cotton market witnessed a firm trading session with fine lint in focus, traders at the Karachi Cotton Association (KCA) said on Thursday.

The KCA kept the spot rate unchanged at Rs 6,300 per maund, floor brokers said.

Traders said mills made deals for lint of all grades in Punjab and Sindh stations on competitive prices at around Rs 5,000 per maund to Rs 6,000 per maund while spinners purchased fine grades at around Rs 6,100 per maund in Punjab stations.

Sellers withholding second grade lint in Punjab and Sindh stations offered their produce at around Rs 4,445 per maund and Rs 4,220 per maund, respectively while sellers with raw grade produce offloaded their produce at around Rs 4,000 per maund and Rs 3,985 per maund.

The buyers and sellers in Punjab and Sindh stations also made forward deals for a month’s period on slightly higher rates at around Rs 5,100-5,300 per maund during the trading session.

“The New York Futures market remained under correction and was influencing domestic lint prices,” said an analyst. “The private sector commercial exporters also offloaded their stocks on competitive prices on record production of 14.81 million bales till April 30, 2012.”

Around 15,000 bales changed hands in Punjab and Sindh stations during trading session, he said. The New York May Futures 2012 closed at 90 cents per pound and July Futures 2012 at 90.15 cents per pound. Cotlook A index was hovering around 100 cents per pound.