KARACHI: The cotton price stayed stable during the trading session, said traders at Karachi Cotton Market. Around 9,000 bales changed hands. The Karachi Cotton Association (KCA) spot rate remained intact at Rs 6,150 per maund with fine lint in focus, traders said. Floor brokers said the leading buyers in Sindh and Punjab stations purchased lint of all qualities offered by the ginners during the trading session.
A senior trader, Ghulam Rabbani said the volumes remained moderate with growing demand for fine lint on slightly higher price by the spinning sector during the trading session. He said the spinning sector was eager for fine quality on back of its growing end product demand on the domestic front. Ginners withholding fine lint were steadfast and not ready to bow down before the buyers’ offers, as they were confident for the price that would not go below spot rate. He said the domestic buyers started accepting a bit higher prices as the leading millers bought around 300 bales at Rs 6,550 per maund. He said there were signs that leading spinners would likely to import the quality cotton in near future for meeting demands. He said the ginners of Punjab offered quality cotton to the buyers above Rs 6,650 per maund while ginners of Sindh offered raw lint to the buyers around Rs 5,975 per maund. He said in the Sindh market, moderate business has been noticed with around 300 bales of upper Sindh changed hands at Rs 6,200 per maund, about 100 bales of southern Punjab at Rs 6,250 per maund, 200 bales on ex-Karachi basis at Rs 6,150 per maund and 200 bales of upper Sindh were sold at Rs 6,050 per maund. The New York December Futures 2016 closed at around 73.85 cents per pound, March 2017 at 72.50 and Cotlook A index was hovering around 70 cents per pound.