LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 200 per maund and closed it at Rs 18500 per maund. The local cotton market remained stable and the trading volume remained satisfactory.
Cotton Analyst Nasseem Usman while talking to Business Recorder said that price of Punjab’s Phutti attracted per 40 kilograms prices from Rs 6000 to Rs 8500. 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 1000 bales of Mir Pur Mathelo were sold at Rs 18000 per maund, 400 bales of Ghotki were sold at Rs 19200 per maund and 400 bales of Chichawatni were sold at Rs 18600 per maund.
Chairman of National Business Group Pakistan and President Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain has said that the textile and associated sectors were taking off after a long time but the recent decision to withdraw ‘textile policy 2020-25’ will cause a crash, wasting all the efforts to promote production and exports while the country’s reputation in export markets will be at the stake.
He said the sudden decision of the government to withdraw the textile policy has shaken the country’s productive sector. He said that if the government was not satisfied with the performance of the textile sector and it was decided to withdraw the concessions, then they should have been withdrawn gradually and transparently in consultation with the concerned associations so as not to shake the confidence of the export sector.
However, leading textile millers say that they are frustrated because of the unpredictable policies of the government which can cause relocation of many industries to other countries, where there is consistency in policies.
ICE cotton futures rose 1% on Tuesday, helped by strong demand for the natural fiber and a weaker dollar, as focus turns to a closely watched monthly supply and demand report from the US Department of Agriculture (USDA).
The cotton contract for March was up 1.13 cents, or 1%, at 116.35 cents per pound by 11:26 am ET (1626 GMT). It traded within a range of 115 and 116.58 cents a lb.
Total futures market volume fell by 17,457 to 8,628 lots. Data showed total open interest fell 1,356 to 244,587 contracts in the previous session.
The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 200 per maund and closed it at Rs 18500 per maund. Polyester Fibre was at Rs 257 per kg.
Copyright Business Recorder, 2022
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