LAHORE: The local cotton market on Wednesday remained stable and the trading volume remained satisfactory. Cotton Analyst Naseem Usman told that rate of cotton in Punjab and Sindh is in between Rs 21,000 to Rs 21,500 per maund.
The Spot Rate Committee of the Karachi Cotton Association on Wednesday fixed the spot rate of new cotton at Rs 20,800 per maund. 2000 bales of Tando Adam, 1000 bales of Sanghar were sold at Rs 20,900 to Rs 21100 per maund, 400 bales of Hyderabad and 200 bales of Shahdad Pur were sold at Rs 21000 per maund, Jawed Yunus Tabba, CEO, Lucky Textile Mills said, “Heimtextil is the one opportunity, we have each year to meet our regular customers from Europe and from around the world on one platform. We are very excited to be a part of the first Heimtextil edition after the pandemic and most of our buyers have already confirmed meetings.”
Over 2000 exhibitors (combined with co – located events) are participating in Heimtextil, Techtextil and Texprocess 2022. Heimtextil Summer Special, Techtextil and Texprocess open their doors in Frankfurt am Main from 21 to 24 June. After the Corona-related break, exhibitors and visitors are looking forward to personal interaction. Over 120 exhibitors from Pakistan will be present at the three shows in June.
Pakistan will have direct exhibitors such as Lucky Textile Mills, Sadaqat Limited, Gohar Textile Mills, Nishat Chunian, Nishat Mills, Adamjee Enterprises, Master Textile and Sapphire Finishing, as well as a national pavilion organized by Trade Development Authority Government of Pakistan.
ACS Textiles, Momtex Expo Limited, Noman Terry Towel Mills, Zaber & Zubair Fabrics and many more from Bangladesh will showcase their products.
Khurram Mukhtar CEO, Sadaqat Limited said, “Heimtextil is the perfect platform for showcasing our vast design potential. It’s also the ideal place to meet with our customers and introduce them to the latest trends. We are looking forward to meeting our customers after the span of a pandemic and having a fresh start.”
ICE Cotton futures fell more than 1% on Tuesday, pressured by the dollar’s rally and as wider grain markets also tumbled.
The most-active December cotton contract on ICE Futures fell 1.75 cent, or 1.42%, to 121.06 cents per lb, as of 01:40 p.m. ET (1740 GMT).
The dollar index hit a fresh two-decade high, making cotton expensive for overseas buyers. USD/
“There is a generalized negativity in the broader markets, which is of course being felt in the commodity sector, and the US dollar index is trading at multi year highs,” said Valentin Olah, cotton risk management consultant at StoneX Group.
“Cotton is a discretionary item, so it is also feeling some pressure... given that our residual incomes are shrinking amid the current inflationary environment,” Olah added.
Chicago corn and wheat futures declined weighed by a fall in finiancial markets on concerns over rising inflation.
The Spot Rate Committee of the Karachi Cotton Association on Wednesday fixed the spot rate of new cotton at Rs 20,800 per maund. The Polyester Fiber was available at Rs 310 per kg.
Copyright Business Recorder, 2022
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