KARACHI: The Spot Rate on Thursday remained unchanged at Rs 17200 per maund. Cotton Analyst Naseem Usman told that the market remained bearish and the trading volume remained low.
He said the rate of cotton in Sindh remained between Rs 13500 to Rs 16700 per maund and the rate of cotton in Punjab was registered at Rs 15000 to Rs 16700 per maund. The rate of the new crop of Phutti in Sindh remained between Rs 4500 to Rs 68,00 per 40 kg. While Phutti prices in Punjab were between Rs 5400 to Rs 7200 per 40 kg.
Similarly, prices of cotton in Balochistan were remained at Rs 15500 to 16,500 per maund while Phutti prices remained between Rs 6,200 to 8400 per maund, said Naseem Usman.
The rate of Banola in Sindh was between Rs 1350 to Rs 2100 per maund. While in Punjab rates of Banola were between Rs 1600 to Rs 2,200 per maund.
The Spot Rate remained unchanged and closed it at Rs 17200 per maund. The Price of Polyester Fiber was available at Rs 245 per kg.
According to report, China’s cotton reserves management company said on Wednesday it will suspend its sales from Dec. 1 based on the current market situation. Cotton prices have dropped recently after Beijing launched a new round of daily auctions to boost supply of the fibre to the market.
Copyright Business Recorder, 2021
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