KARACHI: Buyers remained busy in dealing for fine grade at the cotton market on Wednesday and around 600 bales changed hands. The Karachi Cotton Association (KCA) spot rate remained unchanged at Rs 5,400 per maund.
Floor brokers said buyers made forward deals in quality lint for a month period on slightly higher prices at around Rs 5,600 per maund during the trading session.
A senior trader, Ghulam Rabbani said buyers and sellers remained entangled in price war on second grade stuff and bought the grade at around Rs 5,225 per maund to Rs 5,275 per maund to cater their immediate blending need.
The ginning units kept maintaining quality, as textile sector was chasing better grades of lint for end-product export orders. The market is in steady tones and spinners and millers are consolidating their long positions in making deals for fresh fine lots, he added.
According to KCA, 200 bales of upper Sindh changed hands at Rs 5,050 per maund, 200 bales of Mirpurkhas at Rs 5,075 per maund, 200 bales of southern Punjab at Rs 5,175 per maund and 200 bales of Vehari at Rs 5,250 per maund.
New York remained under correction and showed some resistance in futures as the immediate March is going to be in stable position and merger with the May contract would likely benefit.
Leading buyers would remain eager to purchase quality lint on slightly higher prices on the back of growing demand of clothes and yarn.
The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,100 per maund to Rs 5,325 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 4,975 per maund. New York Cotton March future 2016 closed slightly up and stayed at 61.75 cents per pound and May future 2016 closed at 62.25 cents per pound.