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KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Monday decreased the spot rate by Rs 200 per maund and closed it at Rs 13900 per maund.

The Spot Rate Committee of the Karachi Cotton Association on Monday decreased the spot rate by Rs 200 per maund and closed it at Rs 13900 per maund. The rate of Polyester Fiber was increased by Rs 5 per kg and was available at Rs 225 per kg.

The local cotton market remained bearish and trading volume remained low due to rains. 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 11500 to Rs 14100 per maund and the rate of cotton in Punjab is in between Rs 13600 to Rs 14100 per maund.

The rate of the new crop of Phutti in Sindh was in between Rs 4000 to Rs 5800 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 1800 per maund. The rate of Banola in Punjab is in between Rs 1450 to Rs 1800 per maund. The rate of cotton in Balochistan is in between Rs 13600- 13700 per maund. The rate of Phutti in Balochistan is Rs 5900- 6700 per maund.

2400 bales of Ghotki, 800 bales of Khan Pur, 1000 bales of Mir Pur Mathelo, 800 bales of Pano Aqil, 600 bales of Sarhad were sold at Rs 14100 per maund, 1000 bales of Saleh Pat, 1200 bales of Rohri, 3000 bales of Khan Pur were sold at Rs 13700 to Rs 13900 per maund, 1200 bales of Sanghar were sold at Rs 12200 per maund, 1000 bales of Shahdad Pur were sold at Rs12200 to Rs 13200 per maund, 600 bales of Tando Adam were sold at Rs 12200 per maund, 1400 bales of Rahim Yar Khan, 2000 bales of Sadiqabad were sold at Rs 14000 to Rs 14100 per maund, 200 bales of Khanewal were sold at Rs 14000 per maund, 1800 bales of Layyah were sold at Rs 13600 to Rs 13800 per maund, 1600 bales of Haroonabad were sold at Rs 13700 to Rs 13800 per maund, 200 bales of Bahwalpur were sold at Rs 13700 per maund, 800 bales of Shujaabad were sold at Rs 13800 per maund, 1200 bales of Yazman Mandi were sold at Rs 13750 to Rs 13825 per maund, 1600 bales of Fort Abbas, 800 bales of Bahawal Pur were sold at Rs 13700 to Rs 13800 per maund, 600 bales of Rajan Pur were sold at Rs 13500 to Rs 13700 per maund.

All Pakistan Textile Mills Association (APTMA) Patron-in-Chief Gohar Ejaz has announced that the textile industry is going to invest $5 billion by adding 100 new textile plants which will provide 500,000 new jobs and increase textile exports.

Addressing the annual general meeting of the association at APTMA House, Gohar hoped to achieve the current year's textile export target of $21 billion.

He mentioned that exports of the value-added sector have shown remarkable growth during FY 2020-21, registering 32 percent in the towel, 19 percent in garments, 37 percent in knitwear, and 29 percent in bed wear exports. He added that textile exports increased by 23 percent in last FY, while registering 29 percent growth in the first two months of the current fiscal year. In August 2021, textile exports have registered a growth of 45 percent over the same period last year.

Copyright Business Recorder, 2021

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