Firm trend on cotton market

KARACHI: The local cotton market on Tuesday remained stable and the volume remained satisfactory. Cotton Analyst Naseem Usman told Business Recorder that due to rains in the cotton growing areas of Sindh and Punjab due which the supply of Phutti was effected.

The Spot Rate remained unchanged at Rs 13200 per maund. The Polyester Fiber was available at Rs 222 per kg.

The rate of cotton in Sindh is in between Rs 12800 to Rs 13400 per maund and the rate of cotton in Punjab is in between Rs 13300 to Rs 13500 per maund.

The rate of the new crop of Phutti in Sindh was in between Rs 5300 to Rs 5800 per 40 kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 5900 per 40 kg. The rate of Banola in Sindh is in between Rs 1650 to Rs 1750 per maund. The rate of Banola in Punjab is in between Rs 1600 to Rs 1800 per maund. The rate of cotton in Balochistan is in between Rs 13100- 13200 per maund. The rate of Phutti in Balochistan is Rs 6000- 6800 per maund.

800 bales of Nawab Shah were sold at Rs 13100 per maund, 2000 bales of Khair Pur were sold aty RS 13200 to Rs 13300 per maund, 1000 bales of Rohri were sold at Rs 13300 per maund, 400 bales of Bahria City were sold at Rs 13200 per maund, 800 bales of Rahim Yar Khan were sold at Rs 13400 to Rs 13500 per maund, 200 bales of Khan Pur were sold at Rs 13450 per maund, 400 bales of Lodhran were sold at Rs 13450 per maund, 200 bales of Bahwal Nagar, 600 bales of Layyah, 200 bales of Noor Pur Norangah, 400 bales of Fort Abbas, 400 bales of Faqeer Wali, 400 bales of Fort Abbas, 400 bales of Faqeer Wali, 400 bales of Vehari were sold at Rs 13400 per maund, 800 bales of Burewala were sold at Rs 13325 to Rs 13400 per maund, 800 bales of Chichawatni were sold at Rs 13300 to Rs 13400 per maund, 2000 bales of Yazman Mandi, 800 bales of Haroonabad were sold at Rs 13350 to Rs 13400 per maund, 800 bales of Hasil Pur were sold at Rs 13300 to Rs 13400 per maund, 600 bales of Mian Channu were sold at Rs 13350 to Rs 13400 per maund, 2400 bales of Dera Ghazi Khan were sold at Rs 13300 to Rs 13400 per maund, 800 bales of Taunsa Shareef, 2000 bales of Rajan Pur were sold at Rs 13300 to Rs 13400 per maund and 400 bales of Bahawalpur were sold at Rs 13400 per maund.

Pakistan’ s textile exports grew by 46 per cent in fiscal year August 2021-22 to as compared to $1.01 billion exports in fiscal year August 2020-21.

ICE cotton futures eased on Monday, pressured by a stronger dollar, as traders continued to assess a projected increase in output in the US Department of Agriculture’s (USDA) September supply and demand report.

Cotton contracts for December fell 0.85 cent, or 0.9%, to 92.65 cents per lb by 12:47 p.m. EDT (1647 GMT).

Total futures market volume fell by 19,680 to 13,022 lots. Data showed total open interest gained 289 to 273,007 contracts in the previous session.

Copyright Business Recorder, 2021