KARACHI: The Spot Rate Committee of the Karachi Cotton Association has increased the spot rate of cotton by Rs 50 per maund and closed it at Rs 8550 per maund.
Bullish trend was witnessed in the local cotton market on Tuesday. Sources also told that quality of Phutti was affected due to the monsoon rains. Picking may also be affected due to rains.
Cotton Analyst Naseem Usman told that ICE cotton futures rose more than 2% to scale a near six month peak on Monday, on concerns of crop damage in major growing areas in the United States as Tropical Storms Laura and Marco take aim at the region.
While industry circles has appealed to the Prime Minister Imran Khan that the industry is already facing highest ever liquidity crunch in the history due to COVID 19 and battling hard for its survival and collection of GIDC amount will compel industry to complete closure which means major economic downfall in all aspects.
The industry circles also said further collection of GIDC will wash out hard efforts of the government to uplift the economy and shall bring tsunami of unemployment, destroy exports, decline in foreign exchange and ruin the economy.
Naseem Usman told that 2000 bales of Tando Adam were sold at Rs 8450 to Rs 8500, 100 bales of Shahpur Chakar, 1200 bales of Sanghar were sold in between Rs 8400 to Rs 8500, 400 bales of Bureawala were sold at Rs 8775, 1000 bales of Chichawatni were sold in between Rs 8800 to Rs 8850, 1000 bales of Haroonabad were sold in between Rs 8700 to Rs 8725, 200 bales of Samundri were sold at Rs 8700, 400 bales of Vehari were sold at Rs 8650, 1200 bales of Rajanpur were sold at Rs 8650, 200 bales of Sahiwal were sold at Rs 8775 and 600 bales of Hasilpur were sold at Rs 8700.
He also told that rate of cotton in Sindh was in between Rs 8450 to Rs 8550.The rate of cotton in Punjab is in between Rs 8750 to Rs 8850. He also told that Phutti of Sindh was sold in between Rs 3700 to Rs 4000 per 40 kg. The rate of Phutti in Punjab is in between Rs 3700 to Rs 4100 per 40 kg.
The rate of Banola in Sindh was in between Rs 1550 to Rs 1600 while the price of Banola in Punjab was in between Rs 1650 to Rs 1750.
The Spot Rate Committee of the Karachi Cotton Association has increased the spot rate by Rs 50 per maund and closed it at Rs 8550 per maund. The polyester fiber was available at Rs 153 per kg.
Copyright Business Recorder, 2020