LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Tuesday increased the spot rate by Rs 200 per maund and closed it at Rs 16700 per maund. The market remained steady 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 400 bales of Dherki were sold at Rs 17000 per maund, 400 bales of Rahim Yar Khan, 767 bales of Mian Wali were sold at Rs 16900 per maund, 1200 bales of Yazman Mandi and 400 bales of Haroonabad were sold at Rs 15400 per maund
The Monetary Policy Committee (MPC) decided to raise the policy rate by 100 basis points to 9.75 percent. The goal of this decision is to counter inflationary pressures and ensure that growth remains sustainable.
All Pakistan Textile Mills Association (APTMA) has sought the help of Advisor to Prime Minister on Commerce and Investment Abdul Razak Dawood for electricity connections pending with power Distribution Companies (Discos) as most of the mills are unable to meet their energy needs.
Updating on its meeting on gas/RLNG/power issues last week, APTMA had meetings with the Power Division on December 9/10 2021 where the CEOs of LESCO, FESCO, PESCO,IESCO, GEPCO & MEPCO were also present.
According to the letter written by APTMA, the industry has expanded rapidly during the last year due to enhanced competitiveness which is a consequence of regionally competitive tariffs policy being implemented by the government and the uninterrupted supply of gas/RLNG and power to the industry.
The Association said that most mills at present cannot fulfil the energy needs for power or gas alone and require both to function at full capacity. Furthermore, approximately 80 percent of the gas/RLNG “Captive” plants are cogeneration and use the steam & hot water in the production process. These mills do not have alternate sources of steam and hot water and cannot generate these from electricity if supply of gas/RLNG is suspended to the industry during this winter and will close down as a result.
APTMA maintains that the current momentum of exports will be lost leading to disastrous consequences which will be long lasting as export orders lost will lead to the buying houses sourcing these from other countries on a “permanent” basis.
The Spot Rate Committee of the Karachi Cotton Association on Tuesday increased the spot rate by Rs 200 per maund and closed it at Rs 16700 per maund. The Polyester Fiber was available at Rs 245 per kg.
Copyright Business Recorder, 2021
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