KARACHI: The Spot Rate on Saturday remained unchanged at Rs 16,700 per maund. Cotton Analyst Naseem Usman said the market remained bearish and the trading volume remained low.
He said rate of cotton in Sindh remained between Rs13,500 to Rs16,700 per maund and the rate of cotton in Punjab was registered at Rs15,000 to Rs16,700 per maund. The rate of the new crop of Phutti in Sindh was between Rs4,500 to Rs6,800 per 40 kg. While Phutti prices in Punjab were between Rs5,400 to Rs7,200 per 40 kg.
Similarly, prices of cotton in Balochistan remained at Rs15,500 to 16,500 per maund while Phutti prices were remained in between Rs6,200 to 8,400 per maund, said Naseem Usman. The rate of Banola in Sindh was in between Rs1,350 to Rs2,100 per maund. While in Punjab rates of Banola were in between Rs1,600 to Rs 2,200 per maund.
As many as 4,200 bales of Yazman Mandi were sold at Rs 15,000 per maund and 1,400 bales of Marrot were sold at Rs14,900 to Rs1,500 per maund.
The production of cotton increased by Rs2.5 million bales. It is expected that 7. 5 million bales will be produced in the country and almost 7.5 million bales will have to be imported. Up till now agreements for the import of 4.5 million bales have been signed.
According to the fortnightly report released by Pakistan Cotton Ginner's Association till December 1, more than 7.1 million bales were produced, 2.5 million bales higher when compared with last-year's production of 4.6 million bales.
Chairman Karachi Cotton Brokers Forum Naseem Usman while commenting on the report said that it is expected that 7.5 million bales will be produced in the country while there is no record of 0.8 million bales.
The Spot Rate remained unchanged at Rs 16,700 per maund. The Price of Polyester Fiber was available at Rs245 per kg.
Copyright Business Recorder, 2021
Comments
Comments are closed for this article.