KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Friday decreased the spot rate by Rs 100 per maund and closed it at Rs 14600 per maund.
The Spot Rate Committee of the Karachi Cotton Association on Friday decreased the spot rate by Rs 100 per maund and closed it at Rs 14600 per maund. The Polyester Fibre was available at Rs 225 per kg.
The local cotton market remained bullish and trading volume remained satisfactory.
The rate of cotton in Sindh is in between Rs 12000 to Rs 14700 per maund and the rate of cotton in Punjab is in between Rs 14400 to Rs 15000 per maund.
The rate of the new crop of Phutti in Sindh was in between Rs 5000 to Rs 6200 per 40 kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 6400 per 40 kg. The rate of Banola in Sindh is in between Rs 1600 to Rs 1900 per maund. The rate of Banola in Punjab is in between Rs 1600 to Rs 2000 per maund. The rate of cotton in Balochistan is in between Rs 14200- 14100 per maund. The rate of Phutti in Balochistan is Rs 5800- 7200 per maund.
2000 bales of Dherki were sold at Rs 14700 to Rs 15000 per maund, 2400 bales of Ghotki were sold at Rs 14500 to Rs 15000 per maund, 200 bales of Moro were sold at Rs 14350 per maund, 600 bales of Sanghar were sold at Rs 12300 per maund, 200 bales of Hala, 200 bales of Mir Pur Khas were sold at Rs 11800 per maund, 600 bales of Shahdad Pur were sold at Rs 12500 to 14000 per maund, 4000 bales of Khair Pur were sold at Rs 14000 to Rs 14400 per maund, 2400 bales of Rahim Yar Khan were sold at Rs 14500 to Rs 15000 per maund, 600 bales of Bago Bahar, 400 bales of Khain Pur were sold at Rs 14000 to RS 14800 per maund, 200 bales of Sadiqabad were sold at Rs 14800 per maund, 1600 bales of Mian Wali were sold at Rs 14400 to Rs 15000 per maund, 400 bales of Donga Bonga, 400 bales of Faqeer Wali were sold at Rs 14600 per maund, 2400 bales of Haroonabad were sold at Rs 14300 to Rs 14600 per maund, 200 bales of Bahawal Nagar, 200 bales of Rajan Pur were sold at Rs 14300 per maund, 200 bales of Layyah were sold at Rs 14000 per maund, 400 bales of Fort Abbas were sold at Rs 14000 per maund and 400 bales of Dharan Wala were sold at Rs 14600 per maund.
Cotton Analyst Naseem Usman told Business Recorder that Federal Minister for National Food Security and Research, Syed Fakhar Imam, said on Thursday that the research standard would be improved through China Pakistan Economic Corridor (CPEC) in order to enhance cotton production.
He was addressing a ceremony virtually held in connection with World cotton day here at Central Cotton Research Institute (CCRI) here on Thursday. He said," Cotton which is also known as 'white gold' was the main crop which contributes lion's share to country's economy but unfortunately its production had been gradually reducing in the last few years." The minister informed that only 4.5 million cotton bales were produced last year which was the lowest production in the country's history.
Meanwhile, India's cotton exports could fall by 36% in 2021-22 from a year ago, as domestic demand has been rising amid limited supplies after carry-forward stocks nearly halved from a year ago, industry officials said on Thursday.
Lower exports from the world's biggest cotton producer could support global prices, which jumped to their highest levels in a decade on strong demand from top consumer China.
Moreover, ICE cotton futures took a breather on Thursday from a blistering rally that has seen prices reach their highest level since mid-2011 to lock in profits, following a federal report that showed lower export sales of the fiber. The cotton contract for December fell 0.37 cent, or 0.3%, to 110.69 cents per lb, at 13:00 p.m. EDT (1700 GMT).
Copyright Business Recorder, 2021