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KARACHI: The local cotton market on Wednesday remained bearish and trading volume remained satisfactory.

The rate of cotton in Sindh is in between Rs 11,500 to Rs 14,500 per maund and the rate of cotton in Punjab is in between Rs 14,300 to Rs 14,700 per maund.

The rate of the new crop of Phutti in Sindh was in between Rs 4500 to Rs 6200 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 6300 per 40 Kg. The rate of Banola in Sindh is in between Rs 13,550 to Rs 13,900 per maund. The rate of Banola in Punjab is in between Rs 1500 to Rs 2000 per maund. The rate of cotton in Balochistan is in between Rs 13,600- 14,500 per maund. The rate of Phutti in Balochistan is Rs 5900- 7100 per maund.

800 bales of Sanghar were sold at Rs 12,000 per maund, 800 bales of Ghotki were sold at Rs 14,500 per maund, 2400 bales of Khair Pur were sold at Rs 14,000 to Rs 14,100 per maund, 1200 bales of Lodhran were sold at Rs 14,400 to Rs 14,825 per maund, 400 bales of Rahim Yar Khan were sold at Rs 14,800 per maund, 1400 bales of Mianwali, 400 bales of Ahmed Pur East were sold at Rs 14,700 per maund, 1200 bales of Faqeer Wali were sold at Rs 14,400 to Rs 14,500 per maund, 600 bales of Fort Abbas were sold at Rs 14,500 per maund, 1000 bales of Haroonabad were sold at Rs 14,300 to Rs 14,400 per maund, 1200 bales of Yazman Mandi were sold at Rs 14,400 per maund and 800 bales of Ali Pur were sold at Rs 14,300 per maund.

Cotton Analyst Naseem Usman told Business Recorder that Pakistan’s textile exports grew a staggering 26 per cent to $1.503 billion in Q1 FY22. Textile exports in August shot up 45 per cent to $1.5 billion in comparison to $1billion in August 2020. As per a report by the Global Village Space, Pakistan’s textile sector is effectively utilizing a competitive power tariff at the rate of 9 cents per kWh and gas at $6.5 per mmBtu for the last two years and this package has now been extended to cover the length of FY22. Prime markets for Pakistan’s textile goods are the North America and European countries. Easing of COVID-19 induced lockdowns in these countries is aiding to a rise in textile exports from Pakistan.

Meanwhile, Gohar Ajaz Patron in chief APTMA hopeful textile exports to hit 21 billion dollars in FY22. In current fiscal year, farmers will get Rs 400 billion more to Rs 600 billion, matching international prices. The production of cotton yarn is about 3.5 million tons and 90% of this production is used for the value-added sector while only 10% is being exported. Textile industry is going to invest US$5 billion by adding 100 new textile plants which will provide 500,000 new jobs and increase textile export by US$5 billion this year.

Moreover, ICE cotton futures dropped more than 2% on Tuesday, as projections for higher global output and ending stocks outweighed reduction in U.S. production in a federal monthly supply and demand report.

Cotton contracts for December was down 2.75 cents, or 2.5%, at 107.04 cents per lb, by 01:48 p.m. EDT, after briefly turning positive in the wake of the report released by the United States Department of Agriculture (USDA).

The Spot Rate remained unchanged at Rs 14,400 per maund. The Polyester Fiber was available at Rs 225 per Kg.

Copyright Business Recorder, 2021

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