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KARACHI: The local cotton market on Friday remained bullish and trading volume remained satisfactory.

The Spot Rate remained unchanged at Rs 14100 per maund. The Polyester Fiber was available at Rs 225 per kg. Cotton output in China's Xinjiang in 2021 was seen at around 5.2 million tonnes, state media reported on Thursday, on par with levels in the previous year.

Planting acreage of cotton in the region reached 37.18 million mu (2.48 million mu hectares), Chinanews.com reported, citing an official at a media briefing by the Xinjiang government.

The rate of cotton in Sindh is in between Rs 12000 to Rs 14600 per maund and the rate of cotton in Punjab is in between Rs 14000 to Rs 14800 per maund.

The rate of the new crop of Phutti in Sindh was in between Rs 4500 to Rs 6100 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 1400 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 13600- 14500 per maund. The rate of Phutti in Balochistan is Rs 5500-7200 per maund.

600 bales of Ghotki, 600 bales of Dherki were sold at Rs 14300 to Rs 14500 per maund, 3000 bales of Khair Pur were sold at Rs 13700 to Rs 13800 per maund, 600 bales of Mir Pur Mathelo, 600 bales of Pano Aqil were sold at Rs 14300 to Rs 14500 per maund, 400 bales of Saleh Pat were sold at Rs 14300 per maund, 600 bales of Moro were sold at Rs 13800 per maund, 600 bales of Sanghar, 400 bales of Mir Pur Khas were sold at Rs 11500 per maund, 800 bales of Mian Wali , 3000 bales of Rahim Yar Khan, 1000 bales of Sadiqabad, 1000 bales of Khan Pur were sold at Rs 14500 per maund, 200 bales of Hasil Pur were sold at Rs 14200 per maund, 1200 bales of Fort Abbas were sold at Rs 13975 to Rs 14300 per maund, 1400 bales of Yazman Mandi were sold at Rs 14100 to Rs 14200 per maund, 1200 bales of Donga Bonga were sold at Rs 14000 per maund, 1200 bales of Faqeer Wali were sold at Rs 14000 to Rs 14100 per maund, 1400 bales of Haroonabad were sold at Rs 14000 to Rs 14200 per maund, 600 bales of Layyah were sold at Rs 13850 to Rs 14000 per maund and 600 bales of Bahwalpur were sold at Rs 13950 per maund.

Cotton Analyst Naseem Usman told Business Recorder that Karachi Cotton Association is extremely concerned over the withdrawal of directives to Tax Officials of seeking FBR Chairman's approval and a 24-hour prior intimation to the CEO/Principal Officer/Owner before attachment of Bank accounts.

Mean While, India's 2021-22 cotton consumption is forecast at a record 25.5 million bales and exports are projected at the second-highest level in 8 years at 5.8 million. This level of total use is forecast to lower ending stocks to 12.4 million bales, down nearly 4 million compared with the record level two years prior, according to US Department of Agriculture (USDA).

According to a note from Bank of America, the third quarter of 2021 had the third-highest number of "profit warnings" story counts on Bloomberg, behind only the fourth quarter of 2015 and the first quarter of 2019. Mentions of "inflation" have risen by more than 900% year-over-year, the bank added.

Amid the influx of bad news about the supply chain crisis, freight rates from China have also increased by 20%, as seen in the chart below.

The costs are adding up due to the immense backlog: According to California's Marine Exchange, there are currently 61 container ships anchored and 25 at berth in the areas between Los Angeles and Long Beach, as of Oct. 11.

Copyright Business Recorder, 2021

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