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Cotton spot rate remains Rs 5,300 per maund

Cotton spot rate remains Rs 5,300 per maund

KARACHI: The spot rate of cotton remained at Rs 5,300 per maund after Rs 50 per maund upward readjustment in order to provide support to weak stakeholders of raw grade to ward off minimal price level.

Buyer made forward deals in fine grade to consolidate their long positions in lint market, traders at the Karachi Cotton Association (KCA) said.

During the trading session, leading buyers in Sindh and Punjab stations made deals for all grades while buyers for blending purpose made deals for fine lots on slightly higher price. Traders offered all grades of lint on bargaining rates at around Rs 4,975 per maund to Rs 5,400 per maund in order to capitalise maximum returns on their proceeds, floor brokers said.

Buyers with less liquidity made deals according to their immediate need of lint on back of grade issue and in anticipation of decline in spot rate past week, they added. Spinners in Sindh and Punjab stations purchased fine grades on competitive price at around Rs 5,550 per maund to Rs 5,575 per maund while general buyers made deals for all grades in Punjab and Sindh stations at around Rs 4,975 per maund to Rs 5,200 per maund, traders said.