KARACHI: Trading remained moderate at the Karachi cotton market as around 6,000 bales changed hands during the trading session on Monday, dealers said.
The Karachi Cotton Association’s (KCA) spot rates remained firm at Rs 3,175 per maund. A senior trader, Ghulam Rabbani said market would remain strong for the next few sessions, as the sellers and purchasers look more aggressive for deals.
He said shrinking stocks were the main concern for players as the demand was continuously on the higher side. He said the fine lint fetched around Rs 3,335 per maund to Rs 3,365 per maund during the trading session.
He said the market was moving on a strong note and after few sessions, KCA’s spot rates would pass through a correctional phase. The rates are expected to go further higher at the end of this crop season. He said some settlements changed hands around Rs 3,195 per maund to Rs 3,295 per maund.
A senior broker said physical market prices remained between Rs 3,000 per maund and Rs 3,180 per maund. He said private sector commercial exporters bought fine cotton in order to consolidate their long positions during the trading session.
According to KCA, 200 bales of southern Punjab changed hands at Rs 3,195 per maund, 200 bales of Bhawalpur at Rs 3,265 per maund, 200 bales upper of Sindh at Rs 3,265 per maund and 200 bales of Nawabshah at Rs 3,220 per maund.
The Karachi Cotton Association’s (KCA) spot rates remained firm at Rs 3,175 per maund. A senior trader, Ghulam Rabbani said market would remain strong for the next few sessions, as the sellers and purchasers look more aggressive for deals.
He said shrinking stocks were the main concern for players as the demand was continuously on the higher side. He said the fine lint fetched around Rs 3,335 per maund to Rs 3,365 per maund during the trading session.
He said the market was moving on a strong note and after few sessions, KCA’s spot rates would pass through a correctional phase. The rates are expected to go further higher at the end of this crop season. He said some settlements changed hands around Rs 3,195 per maund to Rs 3,295 per maund.
A senior broker said physical market prices remained between Rs 3,000 per maund and Rs 3,180 per maund. He said private sector commercial exporters bought fine cotton in order to consolidate their long positions during the trading session.
According to KCA, 200 bales of southern Punjab changed hands at Rs 3,195 per maund, 200 bales of Bhawalpur at Rs 3,265 per maund, 200 bales upper of Sindh at Rs 3,265 per maund and 200 bales of Nawabshah at Rs 3,220 per maund.
