KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Thursday decreased the spot rate by Rs 200 per maund and closed it at Rs 13500 per maund.
The Polyester Fiber was available at Rs 222 per kg.
The local cotton market witnessed a downward trend and the volume remained satisfactory. Cotton Analyst Naseem Usman Business Recorder that the reason behind downward trend in the rate of cotton is rains in the cotton growing areas of Sindh and Punjab due which the supply of Phutti was effected. Second reason is the arrival of imported Phutti and liquidity crunch.
The rate of cotton in Sindh is in between Rs 12200 to Rs 13200 per maund and the rate of cotton in Punjab is in between Rs 13000 to Rs 13300 per maund.
The rate of the new crop of Phutti in Sindh was in between Rs 5200 to Rs 5700 per 40 kg. The rate of Phutti in Punjab is in between Rs 5200 to Rs 5700 per 40 kg.
The rate of Banola in Sindh is in between Rs 1550 to Rs 1700 per maund. The rate of Banola in Punjab is in between Rs 1600 to Rs 1700 per maund. The rate of cotton in Balochistan is Rs 13200 per maund. The rate of Phutti in Balochistan is Rs 6100- 6700 per maund.
2400 bales of Saleh Pat were sold at Rs 13300 to Rs 13450 per maund, 1600 bales of Rani Pur were sold at Rs 133300 to Rs 13400 per maund, 2200 bales of Rohri were sold at Rs 13300 to Rs 13425 per maund, 1400 bales of Sanghar were sold at Rs 12700 to Rs 12900 per maund, 800 bales of Mir Pur Khas were sold at Rs 12700 to Rs 13000 per maund, 600 bales of Jhole were sold at Rs 12900 per maund, 800 bales of Pir Wassan, 1200 bales of Khair Pur were sold at Rs 133300 to Rs 13600 per maund, 600 bales of Marrot were sold at Rs 13700 per maund, 200 bales of Nur Pur Nuranga were sold at Rs 13550 per maund, 400 bales of Chichawatni, 400 bales of Tunsa Shareef, 400 bales of Dera Ghazi Khan were sold at Rs 13500 per maund, 400 bales of Rajan Pur were sold at Rs 13400 to Rs 13500 per maund, 400 bales of Mian Channu were sold at Rs 13500 per maund, 2600 bales of Faqeer Wali were sold at Rs 13400 to Rs 13500 per maund, 800 bales of Haroonabad were sold at Rs 13500 per maund, 600 bales of Yazman Mandi were sold at Rs 13500 to Rs 13600 per maund, 400 bales of Chishtian were sold at Rs 13500 per maund, 1400 bales of Fort Abbas were sold at Rs 13500 to Rs 13600 per maund, 400 bales of Sadiqabad were sold at Rs 13500 per maund, 600 bales of Lodhran, 200 bales of Bahawalpur were sold at Rs 13500 to Rs 13600 per maund, 200 bales of Layyah were sold at Rs 13450 per maund, 200 bales of Ahmed Pur East, 200 bales of Hasil Pur, 20 bales of Kichi Wala and 400 bales of Rahim Yar Khan were sold at Rs 13400 per maund.
ICE cotton futures firmed on Wednesday on concerns that a weather disturbance developing in the U.S. Gulf of Mexico could hurt harvests in key regions, with crop conditions already downgraded in a weekly federal report.
Cotton contracts for December climbed 0.42 cent, or about 0.5%, to 94.47 cents per lb, by 12:14 pm EDT (1614 GMT), and were up for a fourth consecutive session.
Total futures market volume rose by 4,783 to 21,638 lots. Data showed total open interest gained 36 to 273,868 contracts in the previous session.
Copyright Business Recorder, 2021
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