LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Wednesday increased the spot rate by Rs 300 per maund and closed it at Rs 17,800 per maund.
Cotton Analyst Naseem Usman told Business Recorder that the local cotton market remained tight and the trading volume remained low.
The rate of cotton in Sindh is in between Rs 16,500 to Rs 18,500 per maund. The rate of Phutti in Sindh is in between Rs 6,500 to Rs 8,200 per 40 kg. The Prices of cotton in Punjab is in between Rs 17,000 per maund to Rs 18,500 per maund and Phutti prices were in between Rs 7,000 to 8,800 per 40 kg. Similarly, prices of cotton from Balochistan were registered at Rs 17,000 per maund to Rs 18,000 per maund.
Seed cotton (Phutti) equivalent to 8.17 million or 81,71,082 bales have reached ginneries across Pakistan till Dec 31, 2023 recording an increase in arrivals by 77.14 percent compared to corresponding period of the year 2022.
According to a fortnightly report issued by Pakistan Cotton Ginners Association (PCGA) here on Wednesday, arrivals to factories increased by over 3.5 million bales, hence the 77.14 percent increase recorded in 2023 till Dec 31 compared to 2022.
Over 4 million or 40,78,769 bales’ arrival was recorded at ginning factories in Punjab, showing a surge by over 1.3 million bales compared to the year 2022 calculated at 47.66 percent.
In Sindh, arrivals were recorded at over 4 million or 40,92,313 bales, showing a jump by 2. 241 million bales, recording a whopping 121.16 percent increase compared to corresponding period of 2022. Over 8 million or 80,82,744 bales were converted into bales at ginning factories.
Textile sector continued to maintain its position as the biggest buyer with a figure of over 7.3 million or 73,14,127 bales bought while exporters and traders bought 2,92,126 bales.
Exactly 241 ginning factories were operational in the country including 210 alone in Punjab that have so far prepared over 4 million or 40,80,064 bales in the province. Arrival of cotton to ginneries in Balochistan was recorded at 187221 bales. Exactly 5,64,829 bales were still present at the ginneries as unsold stock.
400 bales of Rohri were sold at Rs 17,500 per maund, 1800 bales of Rahim Yar Khan were sold in between Rs 17,800 to Rs 18,500 per maund, 921 bales of Mian Wali were sold at Rs 18,350 per maund, 1200 bales of Haroonabad were sold at Rs 17,700 to Rs 18,000 per maund, 200 bales of Marrot were sold at Rs 17,500 per maund and 200 bales of Yazman Mandi were sold at Rs 16,800 to Rs 16,900 per maund.
The Spot Rate Committee of the Karachi Cotton Association increased the spot rate by Rs 300 per maund and closed it at Rs 17,800 per maund. Polyester Fiber was available at Rs 362 per kg.
Copyright Business Recorder, 2024
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