KARACHI: Bullish trend was witnessed in the local cotton market on Thursday. Sources told that quality and supply of Phutti was affected due to the monsoon rains. Picking was also affected due to rains.
Cotton Analyst Naseem Usman told that heavy rain fall has increased the risk of damage to major crops, including cotton, onion and other vegetables in the fields, mostly in Sindh. He also said that farmers are claiming that 25% cotton crop is damaged from rains in Sindh.
While Federation of Pakistan Chambers of Commerce and Industry (FPCCI) president Mian Anjum Nisar has hinted at some out of court settlement to resolve the long outstanding issues of GIDC with a view to release the financial stress of the manufacturers, besides helping revive the industrial activities.
Naseem Usman told that 1400 bales of Chichawatni were sold at Rs 9000 to Rs 9850, 200 bales of Khanewal were sold at Rs 9000, 200 bales of Khapro were sold at Rs 8950, 200 bales of Moro, 400 bales of Tando Adam were sold at Rs 8650.
He also told that rate of cotton in Sindh was in between Rs 8500 to Rs 8800.The rate of cotton in Punjab is in between Rs 8900 to Rs 9000. He also told that Phutti of Sindh was sold in between Rs 3700 to Rs 4100 per 40 kg. The rate of Phutti in Punjab is in between Rs 3700 to Rs 4200 per 40 kg.
The rate of Banola in Sindh was in between Rs 1550 to Rs 1600 while the price of Banola in Punjab was in between Rs 1650 to Rs 1750.
The Spot Rate remained unchanged at Rs 8600 per maund. The polyester fiber was available at Rs 153 per kg.
Copyright Business Recorder, 2020
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