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KARACHI: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Tuesday decreased the spot rate by Rs 400 per maund and closed it at Rs 12700 per maund.

The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 400 per maund and closed it at Rs 12700 per maund. The Polyester Fiber was available at Rs 222 per kg.

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

Cotton Analyst Naseem Usman told Business Recorder that Punjab Seed Council in its meeting gave approval to the five new varieties of Bt cotton and one variety of non BT cotton of Central Cotton Research Institute Multan.

The rate of cotton in Sindh is in between Rs 11000 to Rs 12400 per maund and the rate of cotton in Punjab is in between Rs 12400 to Rs 12800 per maund. The rate of the new crop of Phutti in Sindh was in between Rs 4500 to Rs 6400 per 40 kg.

The rate of Phutti in Punjab is in between Rs 4500 to Rs 5400 per 40 kg. The rate of Banola in Sindh is in between Rs 1500 to Rs 1600 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 12200- 13000 per maund. The rate of Phutti in Balochistan is Rs 5800- 6400 per maund.

1000 bales of Ghotki were sold at Rs 12500 to Rs 12900 per maund, 2000 bales of Rohri were sold at Rs 12500 to Rs 12900 per maund, 400 bales of Khair Pur were sold Rs 12400 to Rs 12900 per maund, 1600 bales of Tando Adam were sold at Rs 11800 to Rs 12400 per maund, 1000 bales of Shahdad Pur were sold at Rs 11800 to Rs 12500 per maund, 800 bales of Mir Pur Khas were sold at Rs 11400 to Rs 12000 per maund, 1200 bales of Sanghar were sold at Rs 11500 to Rs 12200 per maund, 200 bales of Chak Maddrasa were sold at Rs 13000 per maund, 800 bales of Chistian were sold at Rs 12700 to Rs 13000 per maund, 400 bales of Khan Pur were sold at Rs 12700 per maund, 3200 bales of Haroonabad were sold at Rs 12500 to Rs 13000 per maund, 1800 bales of Faqeer Wali were sold at Rs 12700 to Rs 13000 per maund, 200 bales of Fazil Pur were sold at Rs 12500 per maund, 2200 bales of Fort Abbas were sold at RS 12500 to Rs 12900 per maund, 800 bales of Vehari were sold at Rs 12500 to Rs 12800 per maund, 400 bales of Shahdad Pur were sold at Rs 12800 per maund,800 bales of Hasil Pur were sold at Rs 12750 to Rs 12800 per maund, 800 bales of Yazman Mandi were sold at Rs 12600 to Rs 12800 per maund, 200 bales of Bahawal Pur were sold at Rs 12900 per maund, 1000 bales of Shadan Lund were sold at Rs 12650 to Rs 12750 per maund, 1000 bales of Tunsa Shareef were sold at Rs 12850 to Rs 12750 per maund, 200 bales of Shuja Abad were sold at Rs 12700 per maund, 200 bales of Lodhran were sold at Rs 12700 per maund, 400 bales of Khair Pur Tamiwali were sold at Rs 13000 per maund, 200 bales of Burewala were sold at Rs 12600 per maund, 200 bales of Chichawatni were sold at Rs 12700 per maund, 400 bales of Bagho Bahar were sold at Rs 12900 to Rs 13000 per maund, 600 bales of Mian Wali were sold at Rs 12700 per maund and 400 bales of Ahmed Pur East were sold at RS 12600 per maund.

ICE cotton futures fell as much as 3% to a 1-1/2 month low on Monday as a dip in equity market and a stronger dollar weighed on investors' sentiment towards the natural fiber.

The cotton contract for December fell 2.66 cents, or 2.88%, to 89.67 cents per lb by 11:18 a.m. ET (1518 GMT), its lowest since Aug. 3. Total futures market volume rose by 12,353 to 31,503 lots. Data showed total open interest gained 41 to 272,703 contracts in the previous session.

Copyright Business Recorder, 2021

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