LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 300 per maund and closed it at Rs 18,300 per maund.
The local cotton market remained bullish and the trading volume was satisfactory.
Cotton Analyst Naseem Usman told that the sowing of cotton crop 2022-23 season in Punjab is on final stage whereas sowing in Sindh has been completed. According to the first estimate report released by Crop Reporting Service Department Punjab, the cultivated area of cotton recorder at 1.485 million hectares which comprises 81.5 % of target and about 16.1 % higher than previous year.
Whereas sowing area in Sindh was registered at 0.517 million hectares which comprises 80.8 % of the target and about 13.0 % less than previous year. Total cultivated area of both provinces placed at 2.002 million hectares which shows 81.4 % against target and an increase of 6.9 % as compared to last years.
The rate of cotton in Sindh is in between Rs 18,000 to Rs 18,500 per maund. The rate of cotton in Punjab is in between Rs 19,500 to Rs 20,000 per maund. The rate of Phutti in Sindh is in between Rs 5,000 to Rs 7,000 per 40 Kg. The rate of Phutti in Punjab is in between Rs 8,500 to Rs 10,000 per 40 Kg.
1800 bales of Tando Adam were sold at Rs 17000 to Rs 18000 per maund, 2200 bales of Shahdad Pur were sold at Rs 17000 to Rs 17500 per maund, 400 bales of Mir Pur Khas were sold at Rs 17000 to Rs 17200 per maund, 800 bales of Khanewal were sold at Rs 19500 to Rs 19,700 per maund, 400 bales of Dharanwala were sold at Rs 19550 per maund, 400 bales of Mian Wali were sold at Rs 19200 to Rs 19500 per maund and 400 bales of Pir Mahal were sold at Rs 19,000 to Rs 19,200 per maund.
The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 300 per maund and closed it at Rs 18,300 per maund. The polyester fiber was available at Rs 320 per kg.
Copyright Business Recorder, 2022
Comments
Comments are closed for this article.