With the trading of about 3500 bales, Karachi cotton market saw weak trade on Thursday. Spot rate at Karachi Cotton Association (KCA) remained Rs2375 per maund, said dealers.
Quality lint of upper Sindh was purchased by some major mills giving competitive rates, while the spinners were little interested in striking deal during the session.
There was a price war between spinners and ginners, as ginners of Sindh were not willing to sell large volume to the buyers.
Total inflow of lint into the ginneries was 11.24 million bales against previous year's number of 13.10 million bales by January 2. Moreover, unsold stocks were 1.91 million bales against previous year's 1.15 million bales during the same period.
Ginners of Sindh offered quality lint sold at higher prices of Rs2380 per maund, and the quality lint of Punjab was sold at Rs2420 per maund, a senior broker said.
He also added that physical prices at KCA were between Rs2300 per maund to Rs2425 per maund.
Lint of poor quality from Punjab was sold at Rs2375 per maund.
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