KARACHI: Trading remained brisk with buying in lint of all grades amid firm spot rate, traders at the Karachi Cotton Association (KCA) said on Monday.
KCA kept the spot rate unchanged at Rs 5,400 per maund, floor brokers said.
Floor brokers said the buyers in Punjab and Sindh stations bought lint of all grades on competitive prices while spinners in Punjab stations bought fine stocks at around Rs 5,575 per maund during the trading session.
They said mills in Sindh and Punjab stations purchased fine lint for blending purposes while private sector commercial exporters also made deals in fine lint.
The prices of second grade lint remained on the higher side as it was traded at around Rs 4,950 per maund in Punjab and Sindh stations, brokers said.
Around 90 percent of the total market volume of 24,000 bales changed hands in Punjab stations during trading session, said floor brokers.
“The New York Futures market remained flat during past 20 days with some point variation, however it cast a positive impact on local market price,” said fibre analyst Shakeel Ahmad. “Due to bumper crop in the country of around 15.2 million bales, besides dearth of fine grade in Sindh, the sellers were bound to obey buyers’ offers while buyers were making deals for all grades for blending purposes.”
Ahmad said lint prices in Sindh remained under Rs 3,950 per maund to Rs 5,300 per maund and in Punjab they were at around Rs 4,850 per maund to Rs 5,550 per maund depending on grade.
The New York Futures market remained stable as March Futures 2012 stood at 91.80 cents per pounds and May Futures 2012 at 91.68 cents per pound. Cotlook A index stood at 96.65 cents per pound.
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