KARACHI: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Saturday decreased the spot rate by Rs 100 per maund and closed it at Rs 13100 per maund.
The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 100 per maund and closed it at Rs 13100 per maund. The Polyester Fiber was available at Rs 222 per kg.
The local cotton market remained stable 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 13300 per maund and the rate of cotton in Punjab is in between Rs 13100 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.
200 bales of Ghotki, 600 bales of Mando Dhero 200 bales of Rajan Pur, 400 bales of Ahmed Pur East, 400 bales of Rahim Yar Khan, 400 bales of Bahawal Nagar, 600 bales of Vehari, 200 bales of Yazman Mandi, 200 bales of Chistian, 200 bales of Tunsa Shareef, 200 bales of Pir Mehal, 200 bales of Dera Ghazi Khan, 400 bales of Hyderabad, 400 bales of Fort Abbas, 200 bales of Faqeer Wali were sold at Rs 13300 per maund, 2400 bales of Saleh Pat were sold in between Rs 13150 to Rs 13300 per maund, 2000 bales of Rohri, 5000 bales of Khair Pur were sold at Rs 12950 to RS 13200 per maund, 1600 bales of Nawab Shah, 200 bales of Layyah were sold at Rs 13000 per maund, 400 bales of Shah Pur were sold at Rs 12900 per maund, 1000 bales of Sarhari were sold at Rs 12800 to Rs 12900 per maund, 600 bales of Mir Pur Khas were sold at Rs 11900 to Rs 12200 per maund, 200 bales of Bahawalpur were sold at Rs 13200 per maund and 600 bales of Hasil Pur were sold at Rs 13200 per maund.
ICE cotton futures rose on Friday, as projections of higher exports offset a hike in estimated US production in a monthly supply and demand report released by the United States Department of Agriculture (USDA). Cotton contracts for December rose 0.38 cent, or 0.4%, to 93.60 cents per lb, by 1:56 p.m. EDT.
Copyright Business Recorder, 2021