KARACHI: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Friday has increased the spot rate by Rs 200 per maund and closed it at Rs 13300 per maund.

The Polyester Fiber was available at Rs 220 per kg.

As a whole, trading activity did not show any significant change in the present outlook, Cotton Analyst Naseem Usman said and adding that if prices maintain upward trend volume of business likely to come down in the coming days.

Cotton Analyst Naseem Usman told Business Recorder the rate of cotton in Sindh is in between Rs 13400 to Rs 13500 per maund. The rate of cotton in Punjab is in between Rs 13500 to Rs 13700 per maund.

The rate of the new crop of Phutti in Sindh was in between Rs 5100 to Rs 5900 per 40 kg. The rate of Phutti in Punjab is in between Rs 5000 to Rs 6300 per 40 kg. The rate of Banola in Sindh is in between Rs 1600 to Rs 1700 per maund. The rate of Banola in Punjab is in between Rs 1600 to Rs 1800 per maund. The rate of cotton in Balochistan is Rs 13400 to Rs 13500 per maund. The rate of Phutti in Balochistan is Rs 5650- 6200 per maund.

Approximately, 3000 bales of Tando Adam were sold in between Rs 13300 to Rs 13500 per maund, 200 bales of Noabad were sold at Rs 13500 per maund, 200 bales of Dour were sold at Rs 13700 per maund, 400 bales of Maqsooda were sold at Rs 13300 per maund, 1600 bales of Sanghar were sold at Rs 13200 to Rs 13400 per maund, 400 bales of Kotri were sold at Rs 13300 per maund, 400 bales of Vehari were sold at Rs 13500 per maund, 400 bales of Chichawatni were sold at Rs 13700 per maund, 400 bales of Chowk Sarwar Shaheed were sold at Rs 13500 per maund, 600 bales of Gojra were sold at Rs 13475 to Rs 13500 per maund, 200 bales of Hasil Pur were sold at Rs 13500 per maund and 200 bales of Lodhran were sold at Rs 13550 per maund.

ICE cotton futures on Thursday rose to their highest in a week, tracking gains in Chicago grains, while concerns grew that harvest of the natural fiber crop could be delayed as forecasts pointed to inadequate rains in key regions. Cotton contracts for December rose 0.47 cent, or 0.5%, to 90.78 cents per lb, by 11:26 am EDT (1526 GMT), extending its winning streak to a fourth straight session.

Copyright Business Recorder, 2021