KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Thursday increased the spot rate by RS 300 per maund and closed it at Rs 14100 per maund.

The Spot Rate Committee of the Karachi Cotton Association on Thursday increased the spot rate by RS 300 per maund and closed it at Rs 14100 per maund. The Polyester Fiber was available at Rs 225 per kg.

The local cotton market remained bullish and trading volume remained low due to rains. Cotton Analyst Naseem Usman told Business Recorder that after ten years international cotton market crossed 100 cent. After the reports of cotton crop damage in India, China started to buy cotton from America.

The Prices of textiles and garments made in China are likely to rise by 30 to 40 per cent in the coming weeks on account of planned shut down in the industrial provinces of Jiangsu, Zhejiang and Guandong. The shut downs are due to governments efforts to reduce carbon emissions and shortage of electricity production owing to short supply of coal from Australia.

The rate of cotton in Sindh is in between Rs 1300 to Rs 14300 per maund and the rate of cotton in Punjab is in between Rs 13800 to Rs 14000 per maund.

The rate of the new crop of Phutti in Sindh was in between Rs 4800 to Rs 6000 per 40 kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 6400 per 40 kg.

The rate of Banola in Sindh is in between Rs 1350 to Rs 1800 per maund. The rate of Banola in Punjab is in between Rs 1650 to Rs 1900 per maund. The rate of cotton in Balochistan is in between Rs 13800- 14000 per maund. The rate of Phutti in Balochistan is Rs 6000- 7200 per maund.

400 bales of Deherki, 200 bales of Mir Pur Mathelo, 200 bales of Sarhad were sold at Rs 14200 per maund, 1000 bales of Rohri were sold at Rs 14000 to Rs 14200 per maund, 2000 bales of Saleh Pat, 3000 bales of Khair Pur were sold at Rs 14000 to Rs 14300 per maund, 800 bales of Sanghar were sold at Rs 12500 per maund, 1000 bales of Shahdad Pur were sold at Rs 12500 to Rs 13500 per maund, 200 bales of Bagho Bahar, 400 bales of Khan Pur, 200 bales of Liaquat Pur were sold at Rs 14500 per maund, 800 bales of Ahmed Pur East were sold at Rs 14000 to Rs 14200 per maund, 2200 bales of Haroonabad were sold at Rs 14000 to Rs 14300 per maund, 200 bales of Marrot, 600 bales of Rahim Yar Khan were sold at Rs 14200 per maund, 600 bales of Yazman Mandi were sold at Rs 14300 per maund, 600 bales of Faqeer Wali, 200 bales of Layyah, 200 bales of Rajan Pur were sold at Rs 14000 per maund, 200 bales of Lodhran were sold at Rs 14200 per maund, 600 bales of Fort Abbas were sold at Rs 14000 to Rs 14200 per maund and 200 bales of Sadiqabad were sold at Rs 14000 per maund.

ICE cotton futures surged 4% on Wednesday to trade limit up, boosted by concerns over the hit to crops from heavy rains in key growing regions such as Texas, coupled with a strong demand outlook from China. The cotton contract for December was up 2.43 cents, or 2.43%, at 102.46 cents per lb, by 10:29 a.m. EDT.

The session high of 104.03 cents was an all-time peak for the December contract, and a peak since September 2011 for the second month cotton futures contract.

Total futures market volume fell by 9,218 to 39,110 lots. Data showed total open interest gained 5,576 to 283,425 contracts in the previous session.

Copyright Business Recorder, 2021