LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Wednesday decreased the spot rate by Rs 600 per maund and closed it at Rs 19,000 per maund.
The local cotton market remained bearish and the trading volume remained satisfactory.
Cotton Analyst Naseem Usman told Business Recorder that the rate of new crop of cotton in Sindh is in between Rs 18,500 to Rs 18,800 per maund. The rate of Phutti in Sindh is in between Rs 7,200 to Rs 8,000 per 40 kg. The rate of cotton in Punjab is in between Rs 18,800 to Rs 19,900 per maund and the rate of Phutti is in between Rs 7,800 to Rs 8,500 per 40 kg.
4200 bales of Tando Adam were sold at 18,600 to Rs 19,400 per maund, 1000 bales of Shahdad Pur were sold at Rs 18,800 to Rs 19,000 per maund, 1400 bales of Sanghar were sold at Rs 18,900 to Rs 19,000 per maund, 400 bales of Shah Pur Chakar were sold at 18,900 to Rs 19,000 per maund, 300 bales of Khanewal were sold at Rs 19,500 to Rs 19,600 per maund, 200 bales of Sakran were sold at Rs 19,300 per maund.
The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 600 per maund and closed it at Rs 19,000 per maund. Polyester Fiber was available at Rs 355 per Kg.
Copyright Business Recorder, 2023
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