Cotton prices firm amid subdued business

LAHORE: The local cotton market on Tuesday remained bearish while the trading volume remained low.

Cotton Analyst Nasseem Usman while talking to Business Recorder said that price of Punjab’s Phutti attracted per 40 kilograms prices from Rs 7000 to Rs 9000. Cotton of Sindh was traded from Rs 18000 to Rs 20,000 per maund, Punjab’s cotton was traded from Rs 18000 to Rs 20,000 per maund. He also told that 400 bales of Fort Abbas were sold at Rs 19200 per maund and 400 bales of Pano Aqil were sold at Rs 21500 per maund. He also told that 400 bales of Dherki were sold at Rs 2100 per maund. 600 bales of Ghotki were sold at Rs 2700 per maund and 600 bales of Rahim Yar Khan were sold at Rs 2100 per maund.

Pakistan’s exports of goods and services will reach $38 billion in the current fiscal year, a record high in the country’s history, projected Trade Development Authority of Pakistan (TDAP) Chief Executive Arif Ahmad Khan,

He told a delegation of the Council of Economic and Energy Journalists that goods’ shipments to overseas markets increased by 18 percent in the first six months of fiscal year 2021-22, to $15 billion.

“African market is the focus of attention as there are vast opportunities for export of different products to the region,” he said. “Rice, pharmaceutical and IT products have a lot of export potential.”

The Spot Rate remained unchanged at Rs 20,100 per maund. Polyester Fiber was available at Rs 268 per kg.

Copyright Business Recorder, 2022