KARACHI: The local cotton market witnessed correction and trading volume remained low due to rains.
The Spot Rate remained unchanged at Rs 14100 per maund. The Polyester Fiber was available at Rs 225 per kg.
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 Prices of textiles and garments made in China are likely to rise by 30 to 40 per cent in the coming weeks on account of planned shut down in the industrial provinces of Jiangsu, Zhejiang and Guandong. The shut downs are due to governments efforts to reduce carbon emissions and shortage of electricity production owing to short supply of coal from Australia.
The rate of cotton in Sindh is in between Rs 12000 to Rs 14000 per maund and the rate of cotton in Punjab is in between Rs 13000 to Rs 14000 per maund.
The rate of the new crop of Phutti in Sindh was in between Rs 5000 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 1550 to Rs 1850 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 13700-13800 per maund. The rate of Phutti in Balochistan is Rs 5900-6800 per maund.
3000 bales of Khair Pur, 600 bales of Rohi were sold at Rs 144200 per maund, 600 bales of Ghotki, 600 bales of Deherki, 200 bales of Multan, 400 bales of Rahim Yar Khan, 200 bales of Liaquat Pur were sold at Rs 14500 per maund, 200 bales of Sadiqabad were sold at Rs 14400 per maund, 600 bales of Fort Abbas were sold at Rs 14100 per maund, 200 bales of Dharan Wala were sold at Rs 14300 per maund, 400 bales of Layyah were sold at Rs 14100 to Rs 14300 per maund, 1800 bales of Yazman Mandi were sold at Rs 14000 to Rs 14300 per maund, 800 bales of Faqeer Wali were sold at Rs 14000 per maund, 1000 bales of Haroonabad were sold at Rs 14000 to Rs 14100 per maund.
ICE cotton futures jumped more than 3.5% on Thursday and registered their best quarterly performance since March 2011, supported by strong export sales and worries over crop damage due to heavy rains in Texas.
The cotton contract for December settled up 3.86 cents, or 3.79%, at 105.8 cents per lb. The second month cotton futures contract hit its highest level since September 2011, ending the quarter with gains of 23.73%.
Total futures market volume fell by 14,836 to 44,782 lots. Data showed total open interest gained 5,937 to 289,362 contracts in the previous session.
Copyright Business Recorder, 2021