KARACHI: Business activity remained stable on the local cotton market on Wednesday. Market sources told that the rate of cotton reached at Rs 9500 per maund which is highest in the season.
The supply of Phutti is 19% less than previous year. The rate of cotton is increasing due to the non-availability of quality Phutti in the market.
Cotton Analyst Naseem Usman told that Cotton Day is being celebrated all over the world. We should think that what we have done with cotton in Pakistan. The production of cotton is decreasing as well as the quality of cotton is deteriorating.
Moreover, both as textile powerhouses, China and Pakistan are cooperating each other to increase business in the textile sector, said some traders who have had years of business dealings with Pakistan to increase business in the textile sector, aid some traders who have had years of business dealings with Pakistan.
Pakistani-made coarse yarn delivers good value for money as its advantage in cotton fiber overcomes the weakness of coarse yarn production in China’s cotton mill, said Ke Jiangwei, General Manager of Xiamen Naseem Trade Co., Ltd., a Pakistani company registered in China, which has imported yarn from Pakistan for many years.
Zheng Peipei, General Manager of Haian Jinhong Chemical Fiber Co. Ltd., which has been doing business with Pakistan for 15 years told CEN during recently held 2020 China Textile Joint Exhibition recently held in Shanghai by China National Textile and Apparel Council (CNTAC) that Pakistani buyers mainly purchase yarn, nylon, and polyester.
Specifically, high-count yarns are used for making fabrics and socks; fishing lines are exported to Karachi for fishing nets; skeins are dyed and made into sewing threads before being sold to local factories for making shoes, bags, and suitcases, said Zheng.
“We produce a steady supply of quality goods and export them directly to Pakistan at a price that is at least 10% lower than the market average. That is exactly what the Pakistani market needs,” he added.
Naseem told that 800 bales of Tando Adam were sold at Rs 8300 to Rs 8700, 400 bales of Kotri were sold at Rs 8450, 1200 bales of Saleh Pat were sold at Rs 9175 to Rs 9250, 1200 bales of Rohri were sold at Rs 9100 to Rs 9175, 2200 bales of Kairpur were sold at Rs 9050 to Rs 9000, 600 bales of Bahawalpur, 200 bales of Chistian, 1800 bales of Faqeerwali, 1000 bales of Fort Abbas, 2800 bales of Haroonabad, 600 bales of Kichiwala,200 bales of Doonga Bonga, 400 bales of Rahim Yar Khan, 400 bales of Yazman Mandi were sold at Rs 9500, 200 bales of Taunsa Shareef were sold at Rs 9375 and 200 bales of Mian Channu were sold at Rs 9200.
He told that rate of cotton in Sindh was in between Rs 8200 to Rs 9200. The rate of cotton in Punjab is in between Rs 9000 to Rs 9550. He also told that Phutti of Sindh was sold in between Rs 3800 to Rs 4400 per 40 kg. The rate of Phutti in Punjab is in between Rs 3800 to Rs 4700 per 40 kg.
The rate of Banola in Sindh was in between Rs 1600 to Rs 1900 while the price of Banola in Punjab was in between Rs 1900 to Rs 2100. The rate of cotton in Balochistan is in between Rs 8800 to Rs 9000 while the rate of Phutti is in between Rs 4400 to Rs 5500.
The Spot Rate remained unchanged at Rs 9250 per maund. The polyester fiber was available at Rs 153 per kg.
Copyright Business Recorder, 2020
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