Cotton market: Slow business as mills sideline in absences of leads

LAHORE: The trading in the local market on Wednesday remained dull and the trading volume remained very low.

Cotton analyst, Naseem Usman while talking to Business Recorder said that the rate of cotton in Sindh is in between Rs 15,500 per maund to Rs 18,000 per maund. The rate of Phutti in Sindh is in between Rs 5,000 to Rs 7,000 per 40 kg.

The Prices of cotton in Punjab is in between Rs 15,800 per maund to Rs 18,000 per maund and Phutti prices were in between Rs 6,500 to 7,000 per 40 kg.

Similarly, prices of cotton from Balochistan were registered at Rs 16,500 per maund to Rs 17,000 per maund and Phutti is in between Rs 6,500 to Rs 8,200 per 40 kg.

Seed Cotton (Phutti) equivalent to over 8 million (8,023,707) bales have reached ginning factories across Pakistan till December 15, 2023.

According to a fortnightly report of the Pakistan Cotton Ginners Association (PCGA) issued on Monday, Punjab ginning factories recorded a cotton arrival figure of (39, 56,880) bales while arrivals to ginneries in Sindh recorded (40,66,827).

Out of the total arrivals, seed cotton converted into bales was recorded at over 7.8 million (78,65,618) bales.

Exporters have bought 2,91,126 bales of cotton in total while textile mills bought a total of over 7 million (70,84,880) bales. Trading Corporation of Pakistan (TCP) has not yet procured cotton for the 2023-24 season, says the report.

Over, 6 lac unsold bales stock was present so far. A total of 302 ginning factories are operational in the country, it concluded. 200 bales of Fort Abbas were sold at Rs 15,500 per maund and 400 bales of Donga Bonga were sold at Rs 16,500 per maund.

The Spot Rate remained unchanged at Rs 17,000 per maund. Polyester Fiber was available at Rs 360 per kg.

Copyright Business Recorder, 2023