KARACHI: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Friday decreased 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.
Cotton Analyst Naseem Usman told Business Recorder that market remained stable and trading volume remained low. The reason behind low trading volume is rains in the cotton growing areas of Sindh and Punjab. The Cotton production in the country will be 17 lac ninety one thousand bales till September 1, 2021. Cotton production in the country will be 100 percent more as compared to last year production in September 15.
According to the statistics released by Pakistan Cotton Ginners Association till September 1, the cotton production in the country will be 17 lac ninety one thousand bales.
Although, the report the report was not published last year but the report will be compared with the report of September 2019 in which 13 lac fifty five thousand bales were produced the cotton production is 23 percent more and if we compared it with September 2020 the cotton production was 10 lac thirty five thousand bales which is around 7 lac thirty five thousands bales more around 70 percent more as compared to last year.
According to the estimates cotton production will be in between 22 to 23 lac bales till September 15 which is 100 percent more as compared to the last years production.
The rate of cotton in Sindh is in between Rs 13500 to Rs 13900 per maund and the rate of cotton in Punjab is in between Rs 13700 to Rs 14200 per maund.
The rate of the new crop of Phutti in Sindh was in between Rs 5500 to Rs 5900 per 40 kg. The rate of Phutti in Punjab is in between Rs 5600 to Rs 6000 per 40 kg. The rate of Banola in Sindh is in between Rs 1600 to Rs 1650 per maund. The rate of Banola in Punjab is in between Rs 1700 to Rs 1750 per maund. The rate of cotton in Balochistan is Rs 13700 to Rs 13800 per maund. The rate of Phutti in Balochistan is Rs 6100- 6700 per maund.
1600 bales of Saleh Pat were sold at Rs 13800 to Rs 14000 per maund, 3000 bales of Khair Pur were sold at RS 13800 to Rs 13900 per maund, 1400 bales of Rohri were sold at Rs 13800 to Rs 14000 per maund, 1600 bales of Tando Adam, 2000 bales of Sanghar were sold at Rs 13500 to Rs 13700 per maund, 1800 bales of Shahdad Pur were sold at Rs 13600 to Rs 13700 per maund, 400 bales of Khan Pur, 800 bales of Khanewal were sold at Rs 14200 per maund, 200 bales of Chichawatni, 200 bales of Mian Channu were sold at Rs 14100 per maund, 800 bales of Bahawal Nagar, 800 bales of Faqeerwali, 200 bales of Rajan Pur, 800 bales of Fort Abbas, 1200 bales of Haroonabad, 200 bales of Jahanian, 200 bales of Lodhran, 200 bales of Yazman Mandi, 600 bales of Rajan Pur, 600 bales of Dera Ghazi Khan were sold at RS 14000 per maund, 800 bales of Layyah, 1200 bales of Rahim Yar Khan were sold at Rs 13900 to Rs 14000 per maund.
ICE cotton futures rose on Thursday, as a weakened dollar provided some respite after concerns over higher supply of the natural fiber sent it to a one-week low in the previous session.
Copyright Business Recorder, 2021
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