LAHORE: The Karachi Cotton Association (KCA) on Wednesday kept the cotton spot rate unchanged at Rs 17,935 per maund amid satisfactory volume and steady trading.
However, Polyester Fibre prices increased by Rs 5 per kilogram taking it to Rs 355 per kilogram from earlier Rs 350 per kilogram.
Cotton Analyst Naseem Usman while commenting on the market activity said cotton picking and ginning operation was yet to get on track after the recent downpour both in Sindh and Punjab. Rain effect could be seen on cotton quality, RD getting down along with higher trash contents, therefore buyers were generally on the sideline. They have to wait for at least a week or so for fresh picking to get quality, provided there would be no further rain.
He further said that the quality of the ‘Phutti’ was not appropriate due to rains all over the cotton belt while fresh picking was also delayed due to these rains.
While mixing was also observed and trading of cotton in lower Sindh was witnessed in the bracket of 16,800 per maund to Rs 17,500 per maund.
He was of the view that intelligent buyers were lifting this cotton as they knew that the market could not go further down and they would not be able to have even this cotton if there would be a new spell of rain.
Naseem Usman said that Sindh cotton was traded at Rs 17, 500 to Rs 17,800 per maund while Phutti was traded at Rs 6,700 to 7,400 per maund. The rate of cotton in Punjab was observed from Rs 18,100 to Rs 18, 400 per maund and Phutti was traded at Rs 7,000 per maund to Rs 8,500 per maund. While cotton from Balochistan was traded at Rs 17,600 to Rs 17,800 per maund and Phutti was traded today from Rs 7,000 per maund to Rs 8,000 per maund.
According to the daily market report of the KCA, 1600 bales of Shahdadpur were traded at Rs 17,800 per maund, 400 bales of Buchari at Rs 17,700 per maund, 1400 bales from Sanghar from Rs 17,400 to Rs 17,700 per maund, 200 bales of Mehrab Pur and 3200 bales of Rando Adam at Rs 17,800 per maund and 600 bales of Mirpur Khas at Rs 17650 to RS 17700 per maund.
Likewise, 200 bales of Shah Pur Chakar were traded at Rs 17,700 per maund, 400 bales of Toba Tek Singh at Rs 18, 100 per maund, 200 bales of Mongi Bangla at Rs 18,200 per maund, 1400 bales of Burewala from Rs 18,000 to Rs 18,200 per maund, 200 bales of Hasilpur at Rs 18,100 per maund and 200 bales of Faqeer Wali at Rs 18,200 per maund.
Copyright Business Recorder, 2023
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