KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Friday decreased the spot rate by Rs 500 per maund and closed it at Rs 16, 700 per maund.
Cotton Analyst Naseem Usman told that market remained bearish and the trading volume remained low.
He said 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 was 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 were remained in between Rs 6,200 to 8400 per maund, said Naseem Usman. The rate of Banola in Sindh was in between Rs 1350 to Rs 2100 per maund. While in Punjab rates of Banola were in between Rs 1600 to Rs 2,200 per maund.
As many as 4200 bales of Yazman Mandi were sold at Rs 15000 per maund and 1400 bales of Marrot were sold at Rs 14900 to Rs 1500 per maund.
The production of cotton increased by Rs 2.5 million bales. It is expected that 7. 5 million bales will be produced in the country and almost 7.5 million bales will have to be imported. Up till now agreements of for the imports of 4.5 million bales have been signed.
According to the fortnightly report released by Pakistan Cotton Ginners Association till December 1 according to which more than 7.1 million bales were produced which is more 2.5 million bales more as compared to the last years production of 4.6 million bales.
Chairman Karachi Cotton Brokers Forum Naseem Usman while commenting on the report said that it is expected that 7.5 million bales will be produced in the country while there is no record of 0.8 million bales.
The Spot Rate Committee of the Karachi Cotton Association on Friday decreased the spot rate by Rs 500 per maund and closed it at Rs 16, 700 per maund. The Price of Polyester Fiber was available at Rs 245 per kg.
Copyright Business Recorder, 2021
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