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Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,737
924hr
Pakistan Cases
1,285,254
41424hr
0.98% positivity
Sindh
475,820
Punjab
443,185
Balochistan
33,484
Islamabad
107,722
KPK
180,075

KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Thursday decreased the spot rate by Rs 300 per maund and closed it at Rs 14100 per maund.

The Spot Rate Committee of the Karachi Cotton Association on Thursday decreased the spot rate by Rs 300 per maund and closed it at Rs 14100 per maund. The Polyester Fiber was available at Rs 225 per kg.

The local cotton market remained bearish and trading volume remained satisfactory.

The rate of cotton in Sindh is in between Rs 11000 to Rs 14200 per maund and the rate of cotton in Punjab is in between Rs 14000 to Rs 14300 per maund.

The rate of the new crop of Phutti in Sindh was in between Rs 4000 to Rs 6000 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 13550 to Rs 1900 per maund. The rate of Banola in Punjab is in between Rs 1000 to Rs 1900 per maund. The rate of cotton in Balochistan is in between Rs 13400- 14400 per maund. The rate of Phutti in Balochistan is Rs 5800- 6200 per maund.

600 bales of Ghotki, 1000 bales of Dharki were sold at Rs 14300 per maund, 2000 bales of Khair Pur, 600 bales of Mir Pur Mathelo were sold at Rs 13600 to Rs 13900 per maund, 200 bales of Sarhad were sold at Rs 14325 were sold at Rs 14325 per mand, 1200 bales of Mian Wali were sold at Rs 14150 per maund to Rs 14500 per maund, 200 bales of Chichawatni were sold at Rs 14150 per maund, 800 bales of Tunsa Shareef, 200 bales of Donga Bonga, 800 bales of Haroonabad were sold at Rs 14000 per maund, 200 bales of Ali Pur were sold at Rs 13900 per maund, 400 bales of Layyah were sold at Rs 13700 to Rs 13800 per maund, 400 bales of Fort Abbas were sold at Rs 14200 to Rs 14300 per maund, 200 bales of Faqeer Wali were sold at Rs 14200 per maund and 200 bales of Hasil Pur were sold at Rs 14000 per maund.

Cotton Analyst Naseem Usman told Business Recorder that Pakistan Textile Mills Association (APTMA) leadership and representatives of the US Cotton have resolved to enhance mutual cooperation in cotton and textile trade and investment opportunities. This understanding was reached during a high-profile delegation of Cotton USA visiting APTMA House, Lahore on Wednesday.

The visiting delegation consisted of William Bettendorf, Regional Director CCI; Joerg Bauersachs, Head of Technical Services CCI; Phil Bogel, Consultant; Steve Dyer, ACSA (LDA); and John King, ACSA (Olam).

The Chinese Cotton Index (CC Index 3128B) did not decrease like NY/ICE futures or the A Index in late September, but values moved sharply higher in recent trading nonetheless. Since late September, the CC Index increased from 128 to 153 cents/lb. In domestic terms, prices increased from 18,100 to 21,700 RMB/ton. The RMB was relatively stable against the dollar over the past month, holding near

Volatility in Pakistani spot prices resembled that in other markets outside India. In international terms, values fell from over a dollar in early September to as low as 91 cents/lb late in the month. More recently, prices have been as high as 105 cents/lb. In domestic terms, prices increased from 12,700 to 14,400 PKR/maund (37.32 kg). The PKR weakened slightly against the dollar over the past month, from 168 to 170 PKR/USD.

A segment-wise analysis of made-up textile reveals interesting trends. For much of the last decade, export volume for three major value-added categories: towels, knitwear, and readymade garments – remained either rangebound or underperformed peak volumes witnessed in pre-FY11 period. Export volumes finally outperformed in FY21, rising by 4 percent for towels, 11 percent for bedwear, and by 43 percent for knitwear (over previous peak volumes). Readymade garments continue to under perform, staying put within the long-term range.

Excluding knitwear, none of the other three value-add segments has so far witnessed substantive quantitative growth in export to warrant capacity expansion. Unless of course the industry had already reached full capacity by FY11; or the capacity has reached full utilization thanks to exponential growth in local sales.

In absence of any data on local sales volume mix, price trends can give some sense of direction. For the purposes of consistency, BR Research built annual price indices of export unit price and compared the same with PBS’ Wholesale Price Indices (base period 2007-08). Unit prices are compared in Pak Rupee to ensure consistency between WPI and export price currency, while re-based exchange rate trend line has been added so readers may net-off exchange rate impact (on export price) visually.

Throughout the period under review, increase in export unit price of towels and bedwear is largely explained away by currency depreciation. Meanwhile, rate of price increase in local market (i.e. WPI index) outpaced rate of change in export prices. How come?

Copyright Business Recorder, 2021

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