Cotton market: Firm trend prevails amid sizeable business activity

LAHORE: The local cotton market on Saturday remained steady and the trading volume was good.

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 milllion 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 17,500 to Rs 19,000 per maund. The rate of cotton in Punjab is in between Rs 20,000 to Rs 20,500 per maund. The rate of Phutti in Sindh is in between Rs 55,00 to Rs 7,000 per 40 Kg. The rate of Phutti in Punjab is in between Rs 8,000 to Rs 10,000 per 40 Kg.

400 bales of Hala were sold at Rs 18,500 to Rs 18,800 per maund, 800 bales of Shahpur Chakar were sold at Rs 29,600 to Rs 19,000 per maund, 400 bales of Maqsooda Rind, 200 bales of Hyderabad were sold at Rs 19,000 per maund, 800 bales of Khanewal were sold at Rs 20,000 to Rs 20,500 per maund, 800 bales of Vehari were sold at Rs 20,000 to Rs 20,200 per maund, 200 bales of Kasowal were sold at Rs 20,200 per maund, 4600 bales of Tando Adam were sold at Rs 17,800 to Rs 19,000 per maund, 2600 bales of Shahdad Pur were sold at Rs 17,800 to Rs 18,900 per maund, 2400 bales of Sanghar were sold at Rs 17,750 to Rs 19,000 per maund, 100 bales of Chowdagi were sold at Rs 18,800 to Rs 19,000 per maund, 1200 bales of Noabad were sold at Rs 18,500 to Rs 19,000 per maund, 400 bales of Kotri were sold at Rs Rs 18,500 to Rs 18,800 per maund, 600 bales of Mian Channu, 400 bales of Chichawatni were sold at Rs 20, 000 to Rs 20,200 per maund, 200 bales of Burewala, 400 bales of Layyah, 200 bales of Lodhran, 200 bales of Haroonabad and 200 bales of Jahania were sold at Rs 20,200 per maund.

The Spot Rate remained unchanged at Rs 19,200 per maund. The polyester fiber was available at Rs 320 per kg.

Copyright Business Recorder, 2022