KARACHI: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Thursday increased the spot rate by Rs 100 per maund and closed it at Rs 13900 per maund.
Cotton Analyst Naseem Usman told Business Recorder that the local cotton market remained bullish on Thursday and the trading volume was good.
The rate of cotton in Sindh is in between Rs 13800 to Rs 14000 per maund and the rate of cotton in Punjab is in between Rs 14000 to Rs 14300 per maund which is highest in ten years.
The rate of the new crop of Phutti in Sindh was in between Rs 5700 to Rs 6200 per 40 kg. The rate of Phutti in Punjab is in between Rs 5700 to Rs 6250 per 40 kg. The rate of Banola in Sindh is in between Rs 1700 to Rs 1850 per maund. The rate of Banola in Punjab is in between Rs 1750 to Rs 1900 per maund. The rate of cotton in Balochistan is Rs 13800 to Rs 13900 per maund. The rate of Phutti in Balochistan is Rs 6200- 6900 per maund.
1000 bales of Saleh Pat were sold at Rs 14000 to Rs 14050 per maund, 1400 bales of Khair Pur were sold at Rs 13950 to Rs 14000 per maund, 1600 bales of Tando Adam were sold at Rs 13800 to Rs 14000 per maund, 1800 bales of Sanghar were sold at Rs 13750 to Rs 13900 per maund, 1000 bales of Shahdad Pur were sold in between Rs 13800 to Rs 13850 per maund, 1600 bales of Nawab Shah were sold at Rs 13900 to Rs 14000 per maund, 600 bales of Khanewal were sold at Rs 14200 to Rs 14300 per maund, 200 bales of Muhammad Pur Dewan were sold at Rs 14300 per maund, 400 bales of Ghazi Ghat were sold at Rs 14200 to Rs 14300 per maund, 100 bales of Sahiwal were sold at Rs 12200 per maund, 200 bales of Rajan Pur were sold at Rs 14200 per maund, 1200 bales of Haroonabad were sold at Rs 14000 to Rs 14200 per maund, 200 bales of Shafiqabad, 1000 bales of Layyah were sold at Rs 14100 per maund, 100 bales of Kasowal, 100 bales of Chichatni, 200 bales of Fort Abbas, 200 bales of Faqeerab Wali and 200 bales of Lodhran were sold at Rs 14000 per maund and 1000 bales of Vehari were sold at Rs 13950 per maund.
Cotton cluster villages will be introduced to promote the crop by ensuring modern technology in the near future, said Federal Minister for National Food Security and Research Syed Fakhar Imam on Monday.
Addressing a press conference at the Central Cotton Research Institute (CCRI), he said that cotton was a highly profit-generating crop as it strengthened the country's economy and also offered job opportunities to millions of people. He pointed out that one million bales helped to generate Rs97.5 billion, adding that the government had set a target of 10 million bales for the ongoing season.
Meanwhile ICE cotton futures firmed on Wednesday, rising for a fourth straight session, on concerns about a potential hit to upcoming harvests from an Atlantic storm projected to strike the US Gulf coast.
Total futures market volume fell by 9,674 to 11,726 lots. Data showed total open interest fell 14 to 269,446 contracts in the previous session.
The Spot Rate Committee of the Karachi Cotton Association increased the spot rate by Rs 100 per maund and closed it at Rs 13900 per maund. The Polyester Fiber was available at Rs 222 per kg.
Copyright Business Recorder, 2021
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