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KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Friday decreased the spot rate by Rs 300 per maund and closed it at Rs 13200 per maund.

The Spot Rate Committee of the Karachi Cotton Association on Friday decreased the spot rate by Rs 300 per maund and closed it at Rs 13200 per maund. The Polyester Fibre was available at Rs 222 per kg.

The local cotton market remained bearish and the volume remained satisfactory. Cotton Analyst Naseem Usman Business Recorder that the reason behind downward trend in the rate of cotton is rains in the cotton growing areas of Sindh and Punjab due which the supply of Phutti was effected. Second reason is the arrival of imported Phutti and liquidity crunch.

The rate of cotton in Sindh is in between Rs 12000 to Rs 13000 per maund and the rate of cotton in Punjab is in between Rs 13000 to Rs 13300 per maund.

The rate of the new crop of Phutti in Sindh was in between Rs 5000 to Rs 5700 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5400 to Rs 5800 per 40 Kg. The rate of Banola in Sindh is in between Rs 1550 to Rs 1650 per maund. The rate of Banola in Punjab is in between Rs 1600 to Rs 1700 per maund. The rate of cotton in Balochistan is in between Rs 12900- 13000 per maund. The rate of Phutti in Balochistan is Rs 6000- 6700 per maund.

600 bales of Jhole were sold at Rs 12050 to Rs 12200 per maund, 2400 bales of Sanghar were sold at Rs 12200 to Rs 12600 per maund, 1000 bales of Tando Adam were sold at Rs 12200 to Rs 12700 per maund, 800 bales of Mir Pur Khas were sold at Rs 12200 to Rs 12400 per maund, 1000 bales of Nawab Shah were sold at Rs 12900 to Rs 13000 per maund, 4000 bales of Khair Pur were sold at Rs 13100 to Rs 13300 per maund, 200 bales of Rohri were sold at Rs 13150 to Rs 13300 per maund, 2200 bales of Saleh Pat were sold at Rs 13250 to Rs 13400 per maund, 1000 bales of Faqeer Wali were sold at Rs 13330 to Rs 13350 per maund, 400 bales of Khanewal were sold at Rs 13400 per maund, 2600 bales of Haroonabad were sold at Rs 133300 to Rs 13400 per maund, 400 bales of Rajan Pur were sold at Rs 13400 per maund, 800 bales of Bahwal Pur, 200 bales of Dharan Wala, 1200 bales of Fort Abbas, were sold at Rs 13300 to Rs 13350 per maund, 400 bales of Jalal Pur, 1200 bales of Lodhran were sold at Rs 13350 per maund, 1400 bales of Dera Ghazi Khan were sold at Rs 13300 to Rs 13400 per maund, 400 bales of M.Pur Dewan were sold at Rs 13300 per maund, 1000 bales of Vehari were sold at Rs 13200 to Rs 13300 per maund, 800 bales of Yazman, 400 bales of Ali Pur, 200 bales of Hasil Pur, 200 bales of Burewala and 200 bales of Lodhran were sold at Rs 13300 per maund, 600 bales of Mian Channu were sold at Rs 13300 to 13400 per maund, 400 bales of Chichawatni were sold at Rs 13350 per maund, 600 bales of Layyah were sold at Rs 13200 to Rs 13350 per maund and 400 bales of Toba Tek Singh were sold at Rs 12900 per maund.

ICE cotton futures eased on Thursday ahead of a monthly supply and demand report, with some traders expecting the United States Department of Agriculture (USDA) to raise its estimate for US supply in the report.

Cotton contracts for December fell 0.45 cent, or 0.5, to 93.63 cents per lb by 1:00 p.m. EDT. It traded within a range of 93.63 and 94.67 cents a lb.

Copyright Business Recorder, 2021

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