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Spot rate further falls to Rs 5,850/maund

22 November, 2012

KARACHI: Trading remained brisk with fine lint in focus amid easing spot rate, traders at the Karachi Cotton Association (KCA) said on Wednesday.

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KARACHI: Trading remained brisk with fine lint in focus amid easing spot rate, traders at the Karachi Cotton Association (KCA) said on Wednesday.

The KCA revised the spot rate downward by Rs 50 per maund to Rs 5,850 per maund, floor brokers said.

During the trading session, buyers bought selective lots as most of the ginning units in Sindh and Punjab stations were currently producing second grade stuff on pretext of non-availability of better cottonseed.

Mills in Punjab and Sindh stations purchased lint of all grades in order to strengthen their long positions before price increase of better grade lint on back of non-availability of better cottonseed in the market.

Majority of the sellers in Sindh and Punjab stations offloaded their stocks of all grades on competitive prices at around Rs 5,450 per maund and Rs 5,875 per maund.

Second grade lint was available at around Rs 4,975 per maund in Punjab stations while same grade lint in Sindh was offered at some stations at around Rs 4,785 per maund.

Around 18,000 bales changed hands with more than 80 percent of Punjab's share in trading.

Private sector commercial exporters made deals for lint of all grades at around Rs 5,375 per maund in Punjab stations.

“The New York Futures market is still influencing local as well as international prices besides non-availability of fine lint is also making a difference,” said an analyst. “Better grades fetched prices at around Rs 6,000 per maund in Punjab stations while same grade changed hands at Rs 5,950 per maund in Sindh stations.”

Buyers remained busy in making deals in all grades, as the next four days trading would be dull due to Muharram mourning in several stations.

Grade issue would remain a burning factor in the coming trading sessions, which would likely pull down buying sentiments for the time being, he added.

New York December Futures stood at around 72.50 cents per pound and December Futures at around 72.49 cents per pound. Cotlook A index was hovering around 81.35 cents per pound.

End.


 
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