KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Tuesday has increased the spot rate by Rs 50 per maund and closed it at Rs 9500 per maund. The local cotton market remained stable on Tuesday. Cotton Analyst Naseem Usman told that market volume remained satisfactory.
Cotton prices rose on Monday on a softer dollar, with an upbeat sentiment in wider financial markets also rubbing off on the natural fibre. The cotton contract for March was up 0.57 cent, or 0.8%, at 72.14 cents per lb by 12:08 p.m. EST (1708 GMT). It traded within a range of 71.35 and 72.38 cents per lb.
"Stock market is up, there is risk-on mentality and with the dollar lower, traders are more likely to buy commodities," said Rogers Varner, president of Varner Brokerage in Cleveland.
However, "not much is going on and we can expect a quiet week going into Thursday in anticipation of supply and demand report," he added. Naseem told that Central Cotton Research Institute (CCRI) Multan scientists have developed four new high-yielding and virus-resistant Bt cotton varieties that can successfully fight adverse circumstances and are climate smart to some extent.
The varieties were now undergoing last year of the two-year national varietal trials that was mandatory before its final approval by the Punjab Seed Council (PSC) and had so far shown good results from 26 demonstration fields from across the cotton belt in Sindh and Punjab for their performance assessment, CCRI Multan spokesman Sajid Mahmood said in a statement on Monday.
Quoting CCRI Multan director Dr Zahid Mahmood, Sajid said, the seed of these varieties would be available from Dec 15, 2020 for sowing for next cotton season, 2021-22 at the official price of Rs250 per kilogram.
President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Mian Anjum Nisar has said the decision of the withdrawal of 5 percent regulatory duty on the import of cotton yarn will greatly support the textile sector of Pakistan and will contribute to the economic stability of the country.
He said that FPCCI has observed since long that country has not been able to achieve its full export potential in the textile sector and product diversification owing to limited access to raw-material and to this effect the regulatory duty on cotton yarn should be terminated so that exporters could be able to achieve price competitiveness and product diversification.
Pakistan's exports to the US were over $400 million in the month of October and November, said Adviser to Prime Minister on Commerce and Investment Abdul Razzak Dawood on Tuesday.
"I am glad to share that exports of Pakistan to US during the months of Oct & Nov 2020 stood at USD 430 million & USD 437 million respectively," tweeted the adviser.
Naseem told that 1600 bales of Fort Abbas were sold at Rs 9400 to RS 9750 (seed) per maund, 1000 bales of Rahim Yar Khan were sold at Rs 9550 to Rs 9650, 800 bales of Sadiqabad were sold at Rs 9450 to Rs 9600, 1800 bales of Haroonabad were sold at Rs 9300 to Rs 9500, 200 bales of Donga Bonga were sold at Rs 9450, 400 bales of Marrot were sold at Rs 9425 to Rs 9450, 200 bales of Mian Wali were sold at Rs 9450, 200 bales of Kichi Wala were sold at Rs 9425, 1200 bales of Yazman Mandi were sold at Rs 9350, 200 bales of Layyah were sold at Rs 8100 and 400 bales of Chichawatni were sold at Rs 8050.
He told that rate of cotton in Sindh was in between Rs 8600 to Rs 9500 per maund. The rate of cotton in Punjab is in between Rs 8800 to Rs 9600 per maund. He also told that Phutti of Sindh was sold in between Rs 3200 to Rs 4800 per 40 Kg. The rate of Phutti in Punjab is in between Rs 3500 to Rs 5100 per 40 Kg.
The rate of Banola in Sindh was in between Rs 1300 to Rs 1700 while the price of Banola in Punjab was in between Rs 1650 to Rs 2000. The rate of cotton in Balochistan is in between Rs 8600 to Rs 9200 while the rate of Phutti is in between Rs 4200 to Rs 5000. The Spot Rate Committee of the Karachi Cotton Association has increased the spot rate by Rs 50 per maund and closed it at Rs 9500 per maund. The Polyester Fiber was available at Rs 165 per Kg.
Copyright Business Recorder, 2020
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