Decline of Rs400 in spot rate propels mills to make hectic buying of cotton

LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Saturday decreased the spot rate by Rs 400 per maund and closed it at Rs 19,200 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 Rs 19,000 to Rs 19,200 per maund. The rate of Phutti in Sindh is in between Rs 8,000 to Rs 8,800 per 40 kg.

The rate of cotton in Punjab is in between Rs 19,500 to Rs 20,000 per maund and the rate of Phutti is in between Rs 8,000 to Rs 9,200 per 40 kg. The rate of cotton in Balochistan is Rs 19,000 to Rs 19,300 per maund while the rate of Phutti is in between Rs 8,200 to Rs 9,300 per 40 kg.

Around, 2200 bales of Shahdad Pur were sold in between Rs 18,500 to Rs 19,000 per maund, 1800 bales of Khairpur, 400 bales of Rani Pur, 1200 bales of Rohri, 200 bales of Karundi were sold at Rs 19,000 per maund, 3600 bales of Tando Adam were sold at Rs 18,800 to Rs 19,000 per maund, 1200 bales of Chichawatni were sold at Rs 19,500 to Rs 20,000 per maund, 1600 bales of Haroonabad were sold at Rs 19,500 to Rs 19,700 per maund, 400 bales of Mureed Wala were sold at Rs 19,800 per maund, 200 bales of Karor Lal were sold at Rs 19,400 per maund, 400 bales of Faqeer Wali were sold at Rs 19,500 per maund, 600 bales of Chishtian, 1000 bales of Vehari, 400 bales of Layyah were sold at Rs 19,500 per maund, 400 bales of Yazman Mandi were sold at Rs 19,800 per maund, 400 bales of Tunsa Shareef were sold at Rs 19,600 per maund, 600 bales of Dera Ghazi Khan were sold at Rs 20,000 per maund, 200 bales of Burewala, 200 bales of Hasil Pur, 600 bales of Marrot, 600 bales of Fort Abbas were sold at Rs 19,500 per maund and 400 bales of Rahim Yar Khan were sold at Rs 19,800 per maund.

The Spot Rate Committee of the Karachi Cotton Association on decreased the spot rate by Rs 400 per maund and closed it at Rs 19,200 per maund. Polyester Fiber was available at Rs 365 per kg.

Copyright Business Recorder, 2023