KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 50 per maund and closed it at Rs 8400 per maund.

Local cotton market remained stable. Market sources told that quality of Phutti was affected due to the monsoon rains. Picking of cotton may also be affected due to rains.

Sources also told that after the country witnessed a record inflow of remittances from overseas Pakistanis, the textile sector shared encouraging news for the economy marking double digit growth in exports to over $1 billion in July.

While ICE cotton futures fell on Tuesday, after a federal crop progress report showed investment in the US crop condition, while the market continues to grapple with a dim demand outlook.

The Cotton Association of India has revised its estimate of the country's cotton crop upward by 1.9 million bales (170 Kgs each) to 35.45 million bales for the current season (October 1, 2019 September 30, 2020).

Naseem Usman told that 1400 bales of Shahdadpur were sold in between Rs 8200 to Rs 8275, 1600 bales of Tando Adam were sold in between Rs 8200 to Rs 8275, 1200 bales of Sanghar were sold in between Rs 8250 to Rs 8275, 800 bales of Mirpurkhas were sold in between Rs 8200 to Rs 8240, 1000 bales of Hyderabad were sold at Rs 8200 to Rs 8275, 800 bales of Kotri were sold in between Rs 8200 to Rs 8275, 600 bales of Moro were sold at Rs 8300, 400 bales of Gojra at Rs 8625, 400 bales of Kasowal were sold at Rs 8700, 600 bales of Khanewal were sold at Rs 8625 to Rs 8700, 200 bales of Mian Channu were sold at Rs 8650, 400 bales of Mongi Bangla were sold at Rs 8625, 200 bales of Burewala, 400 bales of Haroonabad and 200 bales of Toba Tek Singh were sold at Rs 8650.

He also told that rate of cotton in Sindh was in between Rs 8200 to Rs 8300.The rate of cotton in Punjab is in between Rs 8650 to Rs 8700. He also told that Phutti of Sindh was sold in between Rs 3400 to Rs 3600 per 40 kg. The rate of Phutti in Punjab is in between Rs 3700 to Rs 4000 per 40 kg.

The rate of Banola in Sindh was in between Rs 1500 to Rs 1550 while the price of Banola in Punjab was in between Rs 1650 to Rs 1700.

The Spot Rate Committee of the Karachi Cotton Association has increased the spot rate by Rs 50 per maund and closed it at Rs 8400 per maund. The polyester fiber was available at Rs 153 per kg.

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