LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Thursday decreased the spot rate by Rs 700 per maund and closed it at Rs 18,500 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 cotton decreased by Rs 3,000 per maund in the last four days. He also told that the reason behind decreasing the price in the local cotton market is bearish trend in the New York Cotton Market as well decrease in the rate of dollar.
Around, Naseem Usman also told Business Recorder that the rate of new crop of cotton in Sindh is Rs 17,000 to Rs 17,500 per maund. The rate of Phutti in Sindh is in between Rs 7,500 to Rs 8,000 per 40 kg.
The rate of cotton in Punjab Rs 18,500 to Rs 18,700 per maund and the rate of Phutti in Punjab is in between Rs 7,500 to Rs 8,000 per 40 kg. The rate of cotton in Balochistan is Rs 17,500 to Rs 18,000 per maund while the rate of Phutti is in between Rs 8,000 to Rs 9,000 per 40 kg.
800 bales of Sui gas were sold at Rs 18,700 per maund, 1000 bales of Pir Wassan were sold at Rs 18,500 per maund, 1800 bales of Shahdad Pur were sold at Rs 18,500 to Rs 18,700 per maund, 4200 bales of Tando Adam were sold at Rs 18,000 to Rs 18,700 per maund, 2400 bales of Rohri were sold in between Rs 18,300 to Rs 18,700 per maund, 1800 bales of Saleh Pat were sold in between Rs 18,500 to Rs 19,500 per maund, 1400 bales of Yazman Mandi were sold at Rs 19,000 per maund, 200 bales of Ahmed Pur East were sold at Rs 19,400 per maund, 200 bales of Hasil Pur were sold at Rs 19,500 per maund, 800 bales of Fort Abbas were sold at Rs 19,000 to Rs 20,000 per maund, 600 bales of Chichawatni were sold at Rs 19,000 per maund, 1800 bales of Haroonabad were sold at Rs 19,000 to Rs 19,500 per maund, 800 bales of Shujabad, 600 bales of Khanewal were sold at Rs 19,000 to Rs 19,500 per maund, 800 bales of Vehari were sold at Rs 19,500 to Rs 19,600 per maund, 1600 bales of Burewala were sold at Rs 18,500 to Rs 19,000 per maund, 400 bales of Gojra were sold at Rs 19,000 per maund, 800 bales of Marrot were sold at Rs 19,500 to Rs 20,000 per maund, 400 bales of Kachi Wala were sold at Rs 19,000 to Rs 19,500 per maund and 600 bales of Mian Channu were sold at Rs 19,000 per maund.
The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 700 per maund and closed it at Rs 18,500 per maund. The local cotton market remained bearish and the trading volume remained satisfactory. Polyester Fiber was available at Rs 378 per kg.
Copyright Business Recorder, 2023
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