KARACHI: Fine lint prices stayed in a standstill on Thursday as the Karachi Cotton Association (KCA) official spot rates remained unchanged at Rs 6,200 per maund, dealers said.
Ginners strike against imposition of 3.5 percent levy impacted the market as dull trading session was witnessed. Physical prices of all grade on collective also stood at Rs 6,550 per maund.
In Sindh, cotton traded between Rs 6,100 and Rs 6,200 per maund while in Punjab, the rates were Rs 6,400 to Rs 6,600 per maund on Thursday. In ready market, only 900 bales were traded on Thursday. In Sindh, 200 bales from Nawabshah were traded at at Rs 6,150 per maund. In Punjab, 200 bales of cotton were traded from Vihari at Rs, 6,500 per maund. However, 200 bales of cotton were sold from Qutubpur and 300 bales of cotton from Khanewal at the rate of Rs 6,600 per maund.
In Punjab stations, deals were made on compensatory prices as rates matched with both buyers and sellers psychological level, at Rs 5,700 and Rs 5,900 per maund, dealers said. Some principal buyers preferred to be on sideline as they want quality grade cotton. However, in Sindh dull session was witnessed due to heavy rain in cotton belt that could be a threat for standing crops.
Raw lint was available at Rs 5,600 and Rs 5,800 in Sindh station during the trading session. Physical prices of lint continued to be strong as approximately 9,000 bales changed hands at prices more than Rs 6,700 during the session.
Demand is rising for fine lint, but uncertain weather conditions and heavy rains in the region may cause damage to the standing crop; therefore, buyers remain under cautious mode.
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