LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Monday decreased the spot rate by Rs 200 per maund and closed it at Rs 16500 per maund.
The Spot Rate Committee of the Karachi Cotton Association on Monday decreased the spot rate by Rs 200 per maund and closed it at Rs 16500 per maund. Polyester Fiber was available at Rs 245 per kg. The market remained bearish and the trading volume remained low.
The prices of Phutti and Banola showed no change due to less demand, said cotton analyst Naseem Usman while talking to Business Recorder.
According to him, Phutti of Sindh was traded from Rs 4500-7300 per 40 kilograms; Punjab’s Phutti attracted per 40 kilograms prices from Rs 5500 to Rs 7800.
Similarly, Phutti from Balochistan was traded at Rs 6500 per 40 kilograms to Rs 7800 per 40 kilograms.
Cotton of Sindh was traded from Rs 13,500 to Rs 17000 per maund, Punjab’s cotton was traded from Rs 14,500 to Rs 17000 per maund and Balochistan’s cotton prices remained from Rs 16,000 per maund to Rs 16,500 per maund.
While Banola from Punjab was traded from Rs 1,350 to Rs 2,300 per maund, Punjab’s crop was traded from Rs 1,800 to Rs 2,300 per maund and Balochistan’s Banola was traded from Rs 1,700 to Rs 2,300 per maund, added Naseem Usman.
As many as 1200 bales of Khair Pur were sold at Rs 16000 to Rs 16500 per maund, 1200 bales of Yazman Mandi were sold at Rs 15400 per maund and 1600 bales of Yazman Mandi were sold at Rs 15400 per maund.
Cotton Analyst Naseem Usman further told that Bangladesh has already conquered the international apparel market and is currently the second-largest exporter of garment items worldwide after China with a 6.8% global market share.
Although Bangladesh depends on imports for cotton, a key raw material for textile, the country is fast becoming a major source for yarn and fabrics for textile and garment producers. Textile industry continues robust growth in Jan-Oct.
Mean while, China’s textile industry continued steady expansion in the first 10 months of the year, data from the Ministry of Industry and Information Technology (MIIT) showed. The combined operating revenue of major textile enterprises rose 14.2% year on year to top 4.13 trillion yuan (about 650.4 billion US dollars) during the period.
Copyright Business Recorder, 2021
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