Stable trend on cotton market

LAHORE: The local cotton market on Monday remained steady and the trading volume remained low.

Cotton Analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh and in Punjab is in between Rs 20,000 to Rs 22,500 per maund. Phutti prices in Punjab were observed between Rs 8,500 and Rs 10,200 per 40 kg.

1800 bales of Deherki were sold at Rs 21,500 per maund, 600 bales of Sadiqabad were sold at Rs 21,500 per maund, 200 bales of Shujabad were sold at Rs 21,900 per maund.

He also told that Pakistan’s cotton ginning industry has experienced a significant surge in activity, with arrivals of seed cotton (Phutti) surpassing 8.3 million bales as of February 29, 2024, marking a notable increase of 72.16% compared to the same period last year.

According to the latest fortnightly report released by the Pakistan Cotton Ginners Association (PCGA), over 8.3 million bales have been processed in ginning factories nationwide, with approximately 8,385,752 bales already prepared for the market.

Punjab has contributed over 4.2 million bales to the total, representing a 42.79% increase from the previous year. Meanwhile, Sindh has recorded 4.1 million bales, indicating a remarkable 118.99% surge in cotton arrivals.

The Spot Rate remained unchanged at Rs 21,500 per maund. The rate of Polyester Fiber was increased by Rs 2 per Kg and was available at Rs 367 per Kg.

Copyright Business Recorder, 2024