KARACHI: The Spot Rate Committee of Karachi Cotton Association on Monday has decreased the spot rate by Rs 100 per maund and closed it at Rs 8150 per maund.
Market sources told that bearish trend was witnessed in the local cotton market because the quality of Phutti as well as supply of the Phutti was affected due to the monsoon rains. Another reason of significant decline in the local cotton market is because downward trend was witnessed in the international market also.
Ginners were buying Phutti according to their needs. The picking of cotton was affected due to rains in the different parts of the country.
Meanwhile, growers and farmers are fearing a loss in cotton crop owing to expected heavy monsoon rains, high temperature and whitefly attack.
Cotton Analyst Naseem Usman told that minister of agriculture Sindh Ismael Rahu during his visit to Thar desert which was badly hit by the Locust complained that federal government is not helping the provincial government in carrying out spray in eight districts of Sindh which includes Umar Kot, Badin, Mirpurkhas, Sanghar, Khairpur, Sakhar and Ghotki which were badly affected by Locust attack.
Naseem told that 1200 bales of Shahdadpur, 800 bales of Shahpur Chakar, 400 bales of Maqsooda, 800 bales of Kotri were sold in between Rs 8100 to Rs 8150. 2200 bales of Sanghar were sold in between Rs 8100 to Rs 8175, 1400 bales of Tando Adam were sold in between Rs 8100 to Rs 8200, 200 bales of Dawlatpur were sold at Rs 8125, 600 bales of Moro were sold in between Rs 8100 to Rs 8125, 200 bales of Mongi Bangla were sold at Rs 8350, 20 bales of Chichawatni were sold at Rs 8450 and 200 bales of Burewala were sold at Rs 8450.
Naseem Usman also said that rate of new cotton of Sindh is in between Rs 8100 to Rs 8200 per maund while in Punjab the rate of new cotton is in between Rs 8300 to Rs 8400 per maund.
He told that Phutti of Sindh was sold in between Rs 3400 to Rs 3800 per 40 kg. The rate of Phutti in Punjab is in between Rs 3500 to Rs 3900 per 40 kg.
The rate of Banola in Sindh was in between Rs 1500 to Rs 1550 while the price of Banola in Punjab was in between Rs 1600 to Rs 1650.
The Spot Rate Committee of Karachi Cotton Association has decreased the spot rate by Rs 100 per maund and closed it at Rs 8150 per maund. The polyester fiber was available at Rs 157 per kg.
Copyright Business Recorder, 2020
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