KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Saturday has increased the spot rate by Rs 100 per maund and closed it at Rs 13400 per maund.
The local cotton market remained bullish but in the afternoon there was a correction in the market. The trading volume remained satisfactory.
Cotton Analyst Naseem Usman told Business Recorder the rate of cotton in Sindh is in between Rs 13200 to Rs 13400 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 5200 to Rs 5800 per 40 kg. The rate of Phutti in Punjab is in between Rs 5400 to Rs 6400 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 1700 to Rs 1900 per maund. The rate of cotton in Balochistan is Rs 13300 to Rs 13400 per maund. The rate of Phutti in Balochistan is Rs 5200- 5600 per maund.
The Spot Rate Committee of the Karachi Cotton Association has increased the spot rate by Rs 100 per maund and closed it at Rs 13400 per maund. The Polyester Fibre was available at Rs 220 per kg.
Nearly, 200 bales of Akri were sold at Rs 13350 per maund, 2200 bales of Shahdad Pur were sold at Rs 13350 to Rs 13500 per maund, 1400 bales of Tando Adam were sold at Rs 13400 to Rs 13500 per maund, 1000 bales of Mir Pur Khas were sold at Rs 13350 to Rs 13500 per maund, 1000 bales of Hyderabad were sold at Rs 13400 to Rs 13500 per maund, 2000 bales of Sanghar were sold at Rs 13300 to Rs 13500 per maund, 800 bales of Khadro were sold at Rs 13375 to Rs 13400 per maund, 400 bales of Kabeerwala were sold at Rs 13800 per per maund, 400 bales of Chichawatni were sold at Rs 13700 to Rs 13800 per maund and 200 bales of Haroonabad were sold at Rs 13700 per maund.
ICE cotton futures scaled a new contract peak on Friday, as a strong U.S. jobs report lent a further boost to a positive demand outlook and put prices on course for their best week since July.
Total futures market volume rose by 4,899 to 22,866 lots. Data showed total open interest gained 2,339 to 251,816 contracts in the previous session.
Copyright Business Recorder, 2021
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