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KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Thursday increased the spot rate by Rs 50 per maund and closed at Rs 13250 per maund.

The local cotton market remained stable and the volume remained satisfactory.

The Spot Rate Committee of the Karachi Cotton Association on Thursday increased the spot rate by Rs 50 per maund and closed it at Rs 13250 per maund. The polyester fiber was available at Rs 222 per kg.

The rate of cotton in Sindh is in between Rs 12400 to Rs 12500 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 4500 to Rs 5800 per 40 kg. The rate of Phutti in Punjab is in between Rs 5000 to Rs 5800 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 1650 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.

1200 bales of Khair Pur were sold at Rs 13400 per maund, 1000 bales of Saleh Pat, were sold at Rs 13400 to RS 13500 per maund, 1400 bales of Rohri were sold at Rs 13450 to Rs 13500 per maund, 1000 bales of Sanghar were sold at Rs 12000 to Rs 13200 per maund, 600 bales of Mir Pur Khas were sold at Rs 12400 to Rs 12600 per maund, 600 bales of Tando Adam were sold at Rs 12500 to Rs 12800 per maund, 600 bales of Khanewal were sold at Rs 13400 to Rs 13500 per maund, 600 bales of Khair Pur, 1000 bales of Sadiqabad were sold at RS 13500 per maund, 600 bales of Layyah were sold at Rs 13400 to Rs 13450 per maund, 400 bales of Marrot were sold at Rs 13450 per maund, 200 bales of Bahawal Nagar, 600 bales of Bahawal Pur, 400 bales of Dera Ghazi Khan, 1200 bales of Haroonabad, 200 bales of Kichi Wala, 400 bales of Mian Channu, 200 bales of Noor Pur Nuranga, 400 bales of Rajan Pur, 400 bales of Shadan Lund, 200 bales of Tunsa Shareef were sold at Rs 13400 per maund, 1200 bales of Chichawatni were sold at Rs 13350 to Rs 13450 per maund, 2000 bales of Faqeer Wali were sold at Rs 13350 to Rs 13400 per maund, 1000 bales of Hasil Pur were sold at Rs 13375 to Rs 13400 per maund, 800 bales of Fort Abbas were sold at Rs 13375 to Rs 13400 per maund, 200 bales of Pak Pattan were sold at Rs 13350 per maund and 600 bales of Yazman Mandi were sold at Rs 133350 to Rs 13400 per maund. In Bangladesh country’s spinning millers have stepped up for investing more on synthetic and blended yarns in response to the increasing use of such yarns globally.

In order to decrease dependency on cotton yarns and stay competitive in the global market, leading spinners, such as Noman Group, Envoy Group, DBL Group, Maksons Group, Square Group and Shasha Denim are now setting up new facilities for manufacturing synthetic and blended yarns.

While, cotton growers in Australia have almost halved the water needed to grow one bale of cotton over the last 25 years, according to new research.

A study by the New South Wales state government’s Department of Primary Industries (DPI) found that water usage had fallen from 1.43 megalitres per bale (ML/bale) in 1995 to 0.74 ML/bale in 2020.

ICE cotton futures dipped slightly on Wednesday, as traders geared up for the upcoming weekly export sales data, with the harvest season on the horizon.

The cotton contract for December fell 0.22 cent, or 0.2%, to 93.44 cents per lb, by 12:56 p.m. ET (1656 GMT). It traded within a range of 92.98 to 93.78 cents a lb.

Total futures market volume fell by 10,550 to 7,415 lots. Data showed total open interest gained 1,744 at 273,192 contracts in the previous session.

Central Cotton Research Institute (CCRI) Multan will observe World Cotton Day on October 7. Director Central Cotton Research Institute (CCRI) Multan Dr Zahid Mahmood said that on the directions of vice president Pakistan Central Cotton Committee Dr Muhammad Ali Talpur preparations are under way to celebrate World Cotton Day under the chair of Minister for National Food Security Syed Fakhir Imam.

Copyright Business Recorder, 2021

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