LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Wednesday remained steady and the trading volume remained low.

Cotton Analyst Adil Naseem told Business Recorder that the rate of cotton in Sindh and Punjab is in between Rs 20,000 to Rs 22,500 per maund. Phutti prices in Punjab were observed between Rs 8,500 and Rs 10,200 per 40 kg.

He also said that Intercontinental Exchange (ICE) future goes bullish mostly because of speculations and is unlikely to sustain at present level. He said already limited business deals are taking place in view of the high cost of doing business by the textile industry. Cotton price hike will further enhance the pressure on them.

The Spot Rate remained unchanged at Rs 21,500 per maund. Moreover, Polyester fiber was available in the market at Rs 365 per kg.

Copyright Business Recorder, 2024