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KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by RS 200 per maund and closed it at Rs 13800 per maund.

The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by RS 200 per maund and closed it at Rs 13800 per maund. The Polyester Fiber was available at Rs 225 per kg.

The local cotton market on Wednesday remained bullish and trading volume remained satisfactory.

Cotton Analyst Naseem Usman told Business Recorder that after ten years international cotton market crossed 100 cent. After the reports of cotton crop damage in India, China started to buy cotton from America.

The rate of cotton in Sindh is in between Rs 1300 to Rs 14300 per maund and the rate of cotton in Punjab is in between Rs 13800 to Rs 14000 per maund.

The rate of the new crop of Phutti in Sindh was in between Rs 4800 to Rs 6000 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 6100 per 40 Kg. The rate of Banola in Sindh is in between Rs 1350 to Rs 1800 per maund. The rate of Banola in Punjab is in between Rs 1650 to Rs 1900 per maund. The rate of cotton in Balochistan is in between Rs 13800- 14000 per maund. The rate of Phutti in Balochistan is Rs 6000- 7200 per maund.

600 bales of Mando Dhero were sold at Rs 14000 per maund, 1400 bales of Dherki were sold at Rs 13800 to Rs 14000 per maund, 1200 bales of Ghotki were sold at Rs 14000 per maund, 400 bales of Mir Pur Mathelo were sold at Rs 14000 per maund, 800 bales of Pano Aqil were sold at Rs 14000 per maund, 4000 bales of Khair Pur were sold at Rs 13600 to Rs 14000 per maund, 400 bales of Sanghar were sold at Rs 12500 per maund, 600 bales of Tando Adam were sold at Rs 13000 to Rs 13400 per maund, 100 bales of Layyah were sold at Rs 13900 to Rs 14000 per maund, 600 bales of Rahim Yar Khan, 600 bales of Khanewal were sold at Rs 14000 per maund, 200 bales of Haroonabad were sold at Rs 13800 to Rs 14000 per maund, 400 bales of Ahmed Pur East were sold at Rs 14000 to Rs 14200 per maund, 200 bales of Sadiqabad were sold at Rs 14000 to Rs 14200 per maund, 200 bales of Mian Channu were sold at Rs 13900 per maund, 200 bales of Samundri were sold at Rs 13850 per maund, 1400 bales of Rajan Pur were sold at Rs 13800 to Rs 14000 per maund

ICE cotton futures advanced as much as 3.6% on Tuesday to breach the $1-mark for the first time in nearly a decade, as speculative buying and strong demand, especially from top-consumer China, underpinned prices.

The cotton contract for December climbed 2.02 cents, or 2.1%, to 100.07 cents per lb, by 1:39 p.m. EDT (1539 GMT).

Cotton futures fell to a 1-1/2-month low early last week....

Total futures market volume fell by 29,652 to 40,308 lots. Data showed total open interest gained 6,278 to 277,849 contracts in the previous session.

Copyright Business Recorder, 2021

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