Spot rate picks up Rs400 in a single day rally

LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Wednesday increased the spot rate by Rs 400 per maund and closed it at Rs 18,900 per maund.

The local cotton market remained bullish 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 18,800 to Rs 19,000 per maund. The rate of Phutti in Sindh is in between Rs 7,800 to Rs 8,800 per 40 kg. The rate of cotton in Punjab is in between Rs 19,800 to Rs 20,000 per maund and the rate of Phutti is in between Rs 8,000 to Rs 9,000 per 40 kg. The rate of cotton in Balochistan is Rs 18,700 to Rs 19,000 per maund while the rate of Phutti is in between Rs 8,000 to Rs 9,000 per 40 kg.

Around, 200 bales of Hyderabad were sold at Rs 18,550 per maund, 1800 bales of Tando Adam were sold at Rs 18,400 to Rs 18,600 per maund, 1200 bales of Shah dad Pur were sold at Rs 18,500 to Rs 18,600 per maund, 600 bales of Daur, 800 bales of Bandhi, 800 bales of Buchari, 600 bales of Khair Pur were sold at Rs 18,500 per maund, 1400 bales of Mehrab Pur were sold at Rs 18,500 to Rs 18,700 per maund, 1200 bales of Rohri were sold at Rs 18,500 to Rs 18,600 per maund, 2000 bales of Saleh Pat were sold at Rs 18,500 to Rs 18,700 per maund, 600 bales of Sarhari were sold at Rs 18,700 per maund, 600 bales of Nawab Shah were sold at Rs 18,500 per maund, 400 bales of Dera Ghazi Khan, 200 bales of Vehari were sold at Rs 19,500 per maund, 800 bales of Khanewal were sold at Rs 19,200 to Rs 19,400 per maund, 1600 bales of Layyah were sold at Rs 18,900 to Rs 19,200 per maund, 400 bales of Marrot were sold at Rs 19,000 per maund, 1800 bales of Faqeer Wali were sold at Rs 19,000 to Rs 19,300 per maund, 400 bales of Bahwalpur, 400 bales of Yazman Mandi were sold at Rs 19,100 per maund, 1200 bales of Burewala were sold at Rs 19,200 to Rs 19,500 per maund, 1000 bales of Lodhran were sold at Rs 19,500 per maund, 2800 bales of Haroonabad were sold at Rs 19,000 to Rs 19,400 per maund and 200 bales of Sadiqabad were sold at Rs 19,400 per maund.

The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 400 per maund and closed it at Rs 18,900 per maund. Polyester Fiber was available at Rs 365 per kg.

Copyright Business Recorder, 2023