KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Friday has increased the spot rate by Rs 100 per maund and closed it at Rs 15400 per maund.
The Spot Rate Committee of the Karachi Cotton Association on Friday has increased the spot rate by Rs 100 per maund and closed it at Rs 15400 per maund. The polyester fibre was available at Rs 247 per kg.
The local cotton market remained bullish and trading volume remained satisfactory.
The rate of cotton in Sindh remained between Rs 12000 to Rs 16,000 per maund and the rate of cotton in Punjab was registered at Rs 14,500 to Rs 15,800 per maund.
The rate of the new crop of Phutti in Sindh was remained between Rs 4,500 to Rs 6,500 per 40 kg. While Phutti prices in Punjab were between Rs 5,800 to Rs 7,800 per 40 kg.
Similarly, prices of cotton in Balochistan were remained at Rs 14,500 to 15,800 per maund while Phutti prices were high as compared to other two provinces which were Rs 6,800 to 8,200 per maund, said Naseem Usman.
The rate of Banola in Sindh was between Rs 1,350 to Rs 1,950 per maund. While in Punjab rates of Banola were between Rs 16,00 to Rs 2,100 per maund. The rate of Banola in Balochistan today was Rs 16,000 to 2,000 per maund.
2600 bales of Dherki were sold at Rs 15900 to Rs 16000 per maund, 800 bales of Pano Aqil were sold at Rs 15700 per maund, 400 bales of Ghotki were sold at Rs 15900 per maund, 1200 bales of Mir Pur Mathelo were sold at Rs 15600 to Rs 15900 per maund, 600 bales of Ubaro were sold at Rs 15800 per maund, 200 bales of Sarhad were sold at Rs 15700 per maund, 1200 bales of Rohri were sold at Rs 14500 to Rs 14700 per maund, 2000 bales of Sadiqabad, 4000 bales of Rahim Yar Khan were sold at Rs 15500 to Rs 15600 per maund, 1000 bales of Khair Pur were sold at Rs 15600 per maund, 800 bales of Mian Wali were sold at Rs 15500 to Rs 15550 per maund, 1200 bales of Haroonabad were sold at Rs 14800 to Rs 15400 per maund, 2000 bales of Fort Abbas were sold at Rs 15200 per maund, 400 bales of Lodhran were sold at Rs 15000 per maund, 800 bales of Dharan Wala were sold at Rs 14775 to Rs 15000 per maund, 1000 bales of Yazman Mandi were sold at Rs 14850 to Rs 15000 per maund, 400 bales of Kassowal were sold at Rs 15000 per maund, 400 bales of Faqeer Wali were sold at Rs 14850 per maund, 400 bales of Layyah were sold at Rs 14775 per maund.
Expressing concern over the uncertainty regarding the availability of cotton and its rising price fuelled by a supply-demand gap, Bangladesh cotton trading industry leaders belonging to the Bangladesh Cotton Association (BCA) recently called on readymade garment (RMG) exporters to be cautious about the price rise and negotiate accordingly while receiving work orders.
They also requested the government to take necessary measures, including setting up of foreign missions in the cotton-producing countries, especially those in West Africa, and encouraging both foreign and local investment in garment production based on man-made fibres.
ICE cotton futures rose more than 1% to a near three-week high on Thursday, as the dollar weakened, after a federal weekly exports sales report highlighted strong buying activity from top consumer China.
The cotton contract for December was up 1.58 cents, or 1.4%, at 112.10 cents per lb by 11:46 a.m. EDT (1546 GMT). It traded within a range of 109.5 and 113.17 cents a lb.
Total futures market volume fell by 8,215 to 25,211 lots. Data showed total open interest gained 1,616 to 286,727 contracts in the previous session. Certificated cotton stocks deliverable as of Oct. 27 totalled 26,021 480-lb bales, unchanged from 26,021 in the previous session.
Copyright Business Recorder, 2021
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