High rates keep away buyers on cotton market

KARACHI: The local cotton market remained stable on Wednesday and trading volume remained low.

The Spot Rate remained unchanged at Rs 16000 per maund. The polyester fiber was available at Rs 247 per kg.

Cotton Analyst Naseem Usman told that the rate of cotton in Sindh remained between Rs 13000 to Rs 16,800 per maund and the rate of cotton in Punjab was registered at Rs 14,300 to Rs 16,700 per maund.

The rate of the new crop of Phutti in Sindh was remained between Rs 4500 to Rs 7,200 per 40 kg. While Phutti prices in Punjab were between Rs 5,800 to Rs 8,000 per 40 kg.

Similarly, prices of cotton in Balochistan were remained at Rs 13,800 to 16,400 per maund while Phutti prices were high as compared to other two provinces which were Rs 6,200 to 8,000 per maund, said Naseem Usman.

The rate of Banola in Sindh was in between Rs 1350 to Rs 2,000 per maund. While in Punjab rates of Banola were in between Rs 1650 to Rs 2,200 per maund.

200 bales of Chichawatni were sold at Rs 16500 per maund, 400 bales of Fort Abbas were sold at Rs 16200 per maund, 200 bales of Shujabad were sold at Rs 16000 per maund, 1800 bales of Mian Wali were sold at Rs 15800 to Rs 16500 per maund, 200 bales of Haroonabad were sold at Rs 15700 per maund and 200 bales of Hasil Pur were sold at Rs 15500 per maund.

According to reports, China will start a new round of sales from its cotton reserves on Wednesday, with a total 600,000 tonnes of imported and domestic cotton to be sold off in daily auctions, according to an official notice.

It is the second batch of cotton to be released from reserves this year and is designed to better meet demand for the fibre from spinning companies, said the China Cotton Reserves Management Company in a notice published late on Tuesday.

Copyright Business Recorder, 2021