LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Saturday increased the spot rate by Rs 300 per maund and closed it at Rs 18600 per maund. The local cotton market remained bullish and the trading volume remained low.
Cotton analyst Naseem Usman while talking to Business Recorder said that price of Punjab’s Phutti attracted per 40 kilograms prices from Rs 6000 to Rs 8000. Cotton of Sindh was traded from Rs 15000 to Rs 19000 per maund, Punjab’s cotton was traded from Rs 16000 to Rs 18500 per maund.
He told that 800 bales of Tando Adam were sold at Rs 20,000 per maund, 400 bales of Dherki were sold at Rs 19500 per maund, 600 bales of Mir Pur Mathelo, 600 bales of Ghotki were sold at Rs 18800 per maund, 1100 bales of Haroonabad were sold at Rs 19000 per maund, 2600 bales of Sadiqabad were sold at Rs 18500 per maund, 2400 bales of Chichawatni were sold at Rs 18300 to Rs 18500 per maund, 800 bales of Samundri were sold at Rs 18300 to Rs 18400 per maund, 800 bales of Lodhran were sold at Rs 18300 to Rs 18400 per maund, 400 bales of Dharan Wala were sold at Rs 18300 per maund and 400 bales of Fort Abbas were sold at Rs 17200 per maund.
The rate of quality cotton in the local cotton market reached at all-time high of Rs 20,000 per maund after increasing by Rs 1000 per maund. Cotton Analyst Naseem Usman told Business Recorder that before that in 2011 the rate of cotton reached at Rs 14500 per maund. He said although the production of cotton this year is 7.5 million bales which is 2 million bales more as compared to last year’s production of 5.6 million bales.
He also told that bullish trends remained prevalent in the international cotton market. The Rate of Future Trading of New York Cotton reached at 117 American dollars per pound which is the highest after 2011. While at the moment Rate of New York Cotton is 130 American cents. Naseem Usman further told that an unprecedented increase was witnessed in the rate of cotton worldwide especially the rate of cotton in India after increasing reached at Rs 73900 per candy of (356 Kg) which is at the highest level in history.
According to the sources it is expected that the rate of cotton in India may reach at the highest level of Rs 80,000 per maund. One reason behind the increase in cotton prices in India and Pakistan is an increase in the rates of textile products.
The Spot Rate Committee of the Karachi Cotton Association on Saturday increased the spot rate by Rs 300 per maund and closed it at Rs 18600 per maund. The Polyester Fiber was available at Rs 252 per kg.
Copyright Business Recorder, 2022