KARACHI: The local cotton market on Thursday remained bullish and trading volume remained satisfactory.
The Spot Rate remained unchanged at Rs 15300 per maund. The polyester fibre was available at Rs 247 per kg.
The rate of cotton in Sindh remained between Rs 12500 to Rs 15,900 per maund and the rate of cotton in Punjab was registered at Rs 14,200 to Rs 15,800 per maund.
The rate of the new crop of Phutti in Sindh was remained between Rs 4,500 to Rs 6,400 per 40 kg. While Phutti prices in Punjab were between Rs 5,800 to Rs 7,700 per 40 kg.
Similarly, prices of cotton in Balochistan were remained at Rs 14,000 to 15,800 per maund while Phutti prices were high as compared to the other two provinces which were Rs 6,800 to 8,000 per maund, said Naseem Usman.
The rate of Banola in Sindh was between Rs 1,400 to Rs 1,900 per maund. While in Punjab rates of Banola were between Rs 16,00 to Rs 2,000 per maund. The rate of Banola in Balochistan today was Rs 16,000 to 2,000 per maund.
1600 bales of Dherki, 400 bales of Pano Aqil, 400 bales of Mir Pur Mathelo were sold at Rs 15900 per maund, 600 bales of Urbaro were sold at Rs 15800 per maund, 1200 bales of Saleh Pat were sold at Rs 14900 to Rs 15150 per maund, 3200 bales of Khair Pur were sold at Rs 14500 to Rs 15000 per maund, 1000 bales of Nawab Shah were sold at Rs 12900 to Rs 13400 per maund, 1000 bales of Sadiqabad were sold at Rs 15600 per maund, 4000 bales of Rahim Yar Khan were sold at Rs 15500 to Rs 15600 per maund, 2000 bales of Khan Pur, 400 bales of Mian Wali were sold at Rs 15500 per maund, 200 bales of Multan were sold at Rs 15400 per maund, 600 bales of Marrot, 2000 bales of Marrot were sold at Rs 15200 per maund, 2000 bales of Yazman Mandi were sold at Rs 15000 per maund, 600 bales of Faqeer Wali were sold at Rs 14900 per maund, 1200 bales of Haroonabad were sold at Rs 14600 to Rs 15200 per maund, 200 bales of Chichawatni were sold at Rs 13700 per maund, 1000 bales of Khanewal were sold at Rs 12900 to Rs 15700 per maund and 200 bales of Gojra were sold at Rs 12700 per maund.
ICE cotton futures rose to a near one-week high on Wednesday, supported by a weaker dollar and strong demand for the natural fiber ahead of a federal weekly export sales report.
The cotton contract for December was up 0.93 cents, or 0.9%, at 109.64 cents per lb by 12:28 p.m. ET (1628 GMT). It traded within a range of 107.66 and 110.65 cents a lb.
Meanwhile, the USDA's weekly crop progress report on Monday showed 35% of the cotton was harvested in the week ending Oct. 24 compared to 28% the week before.
Total futures market volume rose by 957 to 22,958 lots. Data showed total open interest gained 589 to 285,111 contracts in the previous session.
Copyright Business Recorder, 2021