LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) announced a significant increase of Rs 500 per maund, bringing the spot rate to Rs 19,500 per maund, in a bullish turn of events.
The local cotton market witnessed heightened activity with satisfactory trading volumes.
Cotton analyst Naseem Usman reported fluctuating rates in Sindh, ranging from Rs 18,000 to Rs 20,000 per maund, while Punjab recorded variations between Rs 19,000 to Rs 20,000 per maund. Phutti prices experienced fluctuations between Rs 8,000 to Rs 9,000 per 40 kg, and cotton prices from Balochistan were documented at Rs 18,000 to Rs 18,500 per maund.
Usman highlighted active trading in the local cotton market, attributing it to the bullish trend in ICE future. The opening of the Torkham border has allowed the resumption of Afghani cotton imports, previously halted for some time. Notably, the buying interest in US cotton from China, Turkey, Vietnam, and Pakistan indicates a robust cotton market ahead.
Various cotton transactions were reported, including 200 bales of Ghotki, 300 bales of Mir Pur Mathelo, 1600 bales of Panu Aqil, 1600 bales of Adil Pur were sold at Rs 19,500 per maund. Furthermore, 400 bales of Deharki were sold at Rs 19,000 per maund, 1000 bales of Dera Ghazi Khan were sold at Rs 20,500 per maund, 400 bales of Rahim Yar Khan, 600 bales of Sadiqabad, 200 bales of Rajan Pur, 740 bales of Mahmoodabad, and 200 bales of Yazman Mandi were sold at Rs 19,500 per maund.
Additionally, 400 bales of Fort Abbas were sold at Rs 17,900 to Rs 19,000 per maund. Polyester fiber was also available at Rs 362 per kg.
The current market dynamics reflect a positive outlook for the cotton industry, driven by increased demand and favourable trading conditions.
Copyright Business Recorder, 2024
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