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KARACHI: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Friday increased the spot rate by RS 100 per maund and closed it at Rs 12800 per maund. The Spot Rate Committee of the Karachi Cotton Association on Friday increased the spot rate by RS 100 per maund and closed it at Rs 12800 per maund. The Polyester Fiber was available at Rs 222 per kg.

The local cotton market on Friday remained stable and trading volume remained a little bit low. Cotton Analyst Naseem Usman told Business Recorder that due to rains in the cotton areas of Sindh and Punjab may effect the quality of Phutti. The rate of cotton in Sindh is in between Rs 11700 to Rs 13200 per maund and the rate of cotton in Punjab is in between Rs 13200 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 5800 per 40 kg. The rate of Banola in Sindh is in between Rs 1500 to Rs 1700 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 12300- 12400 per maund. The rate of Phutti in Balochistan is Rs 6000- 6500 per maund.

1600 bales of Khair Pur were sold at Rs 12600 to Rs 12800 per maund, 1000 bales of Rohri were sold at Rs 12600 to Rs 12800 per maund, 1000 bales of Shahdad Pur were sold at Rs 11800 to Rs 12200 per maund, 800 bales of Saleh Pat were sold at Rs 12800 per maund, 600 bales of Kotri were sold at Rs 12000 to Rs 12200 per maund, 200 bales of Bagho Bahar were sold at Rs 13100 per maund, 400 bales of Rahim Yar Khan were sold at Rs 13000 per maund, 600 bales of Khan Pur were sold at Rs 13100 per maund, 200 bales of Mian Wali were sold at Rs 13000 per maund, 200 bales of Chichawatni were sold at Rs 12500 per maund, 600 bales of Layyah were sold at Rs 12800 per maund, 400 bales of Dera Ghazi Khan were sold at Rs 12700 to Rs 12800 per maund.

Commerce Ministry on Thursday is ready to support imposition of Regulatory Duty (RD) on export of cotton yarn, aimed at encouraging value addition in Pakistan. Senior officials of Commerce Ministry showed this willingness in an informal chat subsequent to a formal meeting of National Assembly's panel which met with Khurram Shahzad MNA in the chair.

"Pakistan exported cotton yarn worth $ 1 billion during 2020-21 to different countries including China. If this yarn had been used for value addition, Pakistan could have exported value-added goods," said, Muhammad Ashfaq, Joint Secretary (Tariff Policy) Ministry of Commerce. He suggested that National Assembly panel should recommend imposition of duty/ RD on export of cotton yarn, adding that the Commerce Ministry will support the proposal.

His views were also supported by Additional Secretary (Trade Diplomacy) Syed Hamid Ali, who stated that Commerce Ministry will endorse the proposal.

Khurram Shahzad MNA argued that cotton yarn worth $ 1 billion could manufacture cloth of $14billion which could be exported instead of exporting only cotton yarn.

ICE cotton futures gained on Thursday, supported by a weaker dollar and a strong weekly US export sales report, with risk-on sentiment in the equity markets adding to the upbeat mood.

Total futures market volume fell by 6,446 to 11,197 lots. Data showed total open interest gained 202 to 262,785 contracts in the previous session. Certificated cotton stocks deliverable as of Sept. 21 totalled 60,976 480-lb bales, unchanged from the previous session.

Copyright Business Recorder, 2021

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