KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Tuesday increased the spot rate by Rs 100 per maund and closed it at Rs 14200 per maund. Cotton Analyst Naseem Usman told Business Recorder that under the influence of international market local market remained bearish. Trading volume was good.
The rate of cotton in Sindh is in between Rs 13900 to Rs 14300 per maund and the rate of cotton in Punjab is in between Rs 14300 to Rs 14400 per maund.
The rate of the new crop of Phutti in Sindh was in between Rs 5800 to Rs 6300 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5800 to Rs 6300 per 40 kg. The rate of Banola in Sindh is in between Rs 1750 to Rs 1800 per maund. The rate of Banola in Punjab is in between Rs 1800 to Rs 1900 per maund. The rate of cotton in Balochistan is Rs 13900-14000 per maund. The rate of Phutti in Balochistan is Rs 6400- 7000 per maund.
Nearly, 1400 bales of Saleh Pat were sold at Rs 14200 to Rs 14400 per maund, 1800 bales of Rohri were sold at Rs 14200 to Rs 14375 per maund, 1600 bales of Khair Pur, 1200 bales of Nawab Shah were sold at Rs 14100 to Rs 14200 per maund, 2000 bales of Tando Adam were sold at Rs 13800 to Rs 14200 per maund, 1600 bales of Shahdad Pur were sold at Rs 13950 to Rs 14200 per maund, 400 bales of Maqsooda Rind, 200 bales of Jam Sahib were sold at Rs 14100 per maund, 400 bales of Shah Pur Chakar were sold at Rs 14000 to Rs 14100 per maund, 1400 bales of Sanghar were sold at Rs 13900 to Rs 14000 per maund, 600 bales of Hyderabad were sold at Rs 13800 to Rs 14000 per maund, 400 bales of Kotri were sold at Rs 14000 per maund, 1200 bales of Khanewal were sold at Rs 14400 to Rs 14500 per maund, 2800 bales of Haroonabad, 800 bales of Chichawatni were sold at Rs 14400 to Rs 14450 per maund, 400 bales of Lodhran were sold at Rs 14300 to RS 14450 per maund, 800 bales of Fort Abbas were sold at Rs 14350 to Rs 14400 per maund , 400 bales of Ahmed Pur East, 400 bales of Rahim Yar Khan, 200 bales of Dharan Wala were sold at Rs 14400 per maund, 800 bales of Rajan Pur were sold at Rs 14300 to Rs 14400 per maund, 800 bales of Hasil Pur were sold at Rs 14350 per maund, 600 bales of Layyah were sold at Rs 14300 to Rs 14350 per maund, 200 bales of Pakpattan and 400 bales of Dera Ghazi Khan were sold at Rs 14300 per maund.
The rise in cotton yarn prices has again plunged the power looms sector into crisis and the rise in production costs has added to the woes of factory owners.
Domestic cotton production in Pakistan is at an all-time low and the prices of imported cotton have reached an all-time high.
According to the factory owners, the prices of yarn have skyrocketed, our cast production has increased which has not only reduced the textile exports by 11% but also the power looms industry which once emerged from the crisis with great difficulty. Then there is the worst crisis.
Factory owners say that even the most expensive electricity is the cause of the crisis in the power looms sector. Electricity is becoming more expensive by Rs 1 or 2 per unit every month. After that, speculation is being played on the thread, which is destroying our industry. Power looms owners are urging the government to take immediate steps to reduce electricity and yarn prices to save the industry from crisis.
ICE cotton futures fell on Monday, after hurricane Ida weakened into a tropical storm, alleviating concerns over crop damage in cotton regions. Total futures market volume fell by 2,803 to 14,561 lots. Data showed total open interest fell 736 to 268,789 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 14200 per maund. The Polyester Fiber was available at Rs 222 per kg.
Copyright Business Recorder, 2021
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