Moderate trading activity on cotton market

KARACHI: The local cotton market on Friday remained stable and the volume remained satisfactory.

The Spot Rate remained unchanged at Rs 13250 per maund. The Polyester Fibre was available at Rs 222 per kg.

The rate of cotton in Sindh is in between Rs 12400 to Rs 12500 per maund and the rate of cotton in Punjab is in between Rs 13300 to Rs 13500 per maund.

The rate of the new crop of Phutti in Sindh was in between Rs 4500 to Rs 5800 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5000 to Rs 5800 per 40 Kg. The rate of Banola in Sindh is in between Rs 1650 to Rs 1750 per maund. The rate of Banola in Punjab is in between Rs 1650 to Rs 1800 per maund. The rate of cotton in Balochistan is in between Rs 13100- 13200 per maund. The rate of Phutti in Balochistan is Rs 6000-6800 per maund.

2400 bales of Khair Pur were sold at Rs 13300 to Rs 13400 per maund, 1400 bales of Saleh Pat were sold at RS 13400 to Rs 13500 per maund, 1200 bales of Rohri were sold at Rs 13350 to Rs 13450 per maund, 1400 bales of Sanghar were sold at Rs 12300 to Rs 13100 per maund, 800 bales of Shahdad Pur were sold at Rs 12400 to Rs 12800 per maund, 1000 bales of Rahim Yar Khan were sold at Rs 13500 per maund, 200 bales of Mian Channu were sold at Rs 13450 per maund, 1200 bales of Layyah were sold at Rs 13400 to Rs 13450 per maund, 200 bales of Dharan Wala, 200 bales of Shujabad , 400 bales of Bahawalpur were sold at Rs 13400 per maund, 800 bales of Fort Abbas were sold at Rs 13400 to Rs 13450 per maund, 400 bales of Marrot were sold at Rs 13450 per maund, 800 bales of Faqeer Wali were sold at Rs 133375 to Rs 13400 per maund, 400 bales of Chicha Watni, 800 bales of Hasil Pur were sold at Rs 13375 per maund, 1200 bales of Haroonabad were sold at Rs 13375 to Rs 13450 per maund.

ICE cotton futures fell for a second straight session on Thursday, as a firmer US dollar overshadowed a weekly federal report showing higher export sales.

The cotton contract for December fell 0.65 cent, or 0.7%, to 92.72 cents per lb by 11:25 a.m. ET (1525 GMT). It traded within a range of 92.52 to 93.97 cents per lb.

"The exports report was pretty good, especially with more sales to China, but a stronger dollar index is not helping," said Jim Nunn, owner of Tennessee-based cotton brokerage Nunn Cotton.

Total futures market volume fell by 1,835 to 10,952 lots. Data showed total open interest gained 194 to 273,386 contracts in the previous session.

Copyright Business Recorder, 2021