By admin       2016-07-01

Trading activity at the lint market remained moderate amid firm spot rate and strong physical price on higher demand for fine and second grade lint.More than 200 bales changed hands. The Karachi Cotton Association (KCA) spot rate gained strength and closed at Rs 5,750 per maund.Floor brokers said mills and spinners made deals counting on grade and bought selective stocks before Eid holidays, as the ginning activities were about to halt at the ginneries.The deals changed hands at around Rs 5,025 per maund to Rs 5,325 per maund.Buyers with less liquidity made a month forward deals for all grades on bargaining prices at around Rs 5,025 per maund during the trading session.A senior trader, Ghulam Rabbani said ginning units in the country have in practical stopped ginning activity as workforce almost leaving to their native places for Eid.However second grades lint remained in focus as stocks were shrinking and buyers were ready to pay even higher price for it.Shrinking of fine grade lint provides opportunity to ginning units in Sindh and Punjab stations to ask maximum price for fine grades at around Rs 5,775 per maund. The textile and spinning sector is making forward deals before Eid holidays to consolidate long positions while market is remained in firm tones and buyers would increase their second grade purchase in order to consolidate their future positions before Eid with fresh fine lots, he added.According to KCA, 100 bales of Vehari changed hands at Rs 5,225 per maund, 100 bales of Bahawalpur at Rs 5,150 per maund, 100 bales of upper Sindh at Rs 5,250 per maund and0 100 bales of southern Punjab at Rs 5,300 per maund.The ginners of Punjab offered cotton of all grades to the buyers around Rs 5,000 per maund to Rs 5,425 per maund while ginners of Sindh offered low-grade lint to the buyers around Rs 4,975 per maund.

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