KARACHI: Cotton prices touched Rs 9000 per maund on Wednesday which is at the highest level in the current season. The Spot Rate Committee of the Karachi Cotton Association has increased the spot rate by Rs 50 per maund and closed it at Rs 8600 per maund.

Market sources told that farmers were claiming 25% cotton crop in Sindh damaged from rains. Sources also told that quality and supply of Phutti was affected due to the monsoon rains. Picking was also affected due to rains.

Cotton Analyst Naseem Usman told that ICE cotton futures inched up on Tuesday as concerns regarding crop damage due to Hurricane Laura and renewed optimism about the US - China trade ties supported the natural fibre, while coronavirus - induced demand worries demand worries limited gains.

While Federation of Pakistan Chambers of Commerce and Industry (FPCCI) president Mian Anjum Nisar has hinted at some out of court settlement to resolve the long outstanding issues of GIDC with a view to release the financial stress of the manufacturers, besides helping revive the industrial activities.

Naseem Usman told that 2000 bales of Daur were sold at Rs 8400, 400 bales of Haroonabad were sold at Rs 8800, 200 bales of Bahawal Nagar were sold at Rs 8750, 400 bales of Chichawatni were sold at Rs 8850 to RS 8900 and 200 bales of Mianchannu were sold at Rs 8900.

He also told that rate of cotton in Sindh was in between Rs 8500 to Rs 8800.The rate of cotton in Punjab is in between Rs 8900 to Rs 9000. He also told that Phutti of Sindh was sold in between Rs 3700 to Rs 4100 per 40 kg. The rate of Phutti in Punjab is in between Rs 3700 to Rs 4200 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 8600 per maund. The polyester fiber was available at Rs 153 per kg.

Copyright Business Recorder, 2020