Stable trend amid moderate trade on cotton market

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

Cotton Analyst Naseem Usman told Business Recorder that due to rains in the cotton-growing areas of Sindh and Punjab due to which the supply of Phutti was effected.

The Spot Rate remained unchanged at Rs 13200 per maund. The Polyester Fiber 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.

1400 bales of Khair Pur were sold at Rs 13300 to Rs 13400 per maund, 1000 bales of Saleh Pat were sold at Rs 13400 to Rs 13500 per maund, 400 bales of Rohri were sold at Rs 13400 per maund, 1400 bales of Sanghar were sold at Rs 12300 to Rs 12400 per maund, 600 bales of Shahdad Pur were sold at Rs 12500 to Rs 12900 per maund, 600 bales of Mir Pur Khas were sold at Rs 1200 to Rs 12600 per maund, 200 bales of Sarhad were sold at Rs 13450 per maund, 400 bales of Bago Bahar, 600 bales of Khanewal were sold at Rs 13500 per maund, 600 bales of Chichawatni were sold at Rs 13350 to Rs 13400 per maund, 400 bales of Mureed Wala, 200 bales of Kot Ado Sanawa, 200 bales of Mian Channu were sold at Rs 13350 per maund, 400 bales of Fazil Pur, 400 bales of Bahawalpur were sold at Rs 13400 per maund, 1600 bales of Yazman Mandi were sold at Rs 13300 to Rs 13400 per maund, 400 bales of Fort Abbas, 400 bales of Marrot were sold at Rs 13330 per maund, 800 bales of Haroonabad, 400 bales of Faqeer Wali were sold at Rs 13350, 200 bales of DharanWala were sold at Rs 13400 per maund, 200 bales of Kichi Wala and 200 bales of Dera Ghazi Khan were sold at Rs 13300 per maund.

ICE cotton futures rose 1% on Tuesday on concerns over crop damage due to Hurricane Nicholas, with a weaker dollar offering further support to the natural fiber. Cotton contracts for December rose 0.96 cent, or 1%, to 93.77 cents per lb, at 12:45 p.m. ET (1645 GMT).

Total futures market volume fell by 7,361 to 11,951 lots. Data showed total open interest fell 1,559 to 271,448 contracts in the previous session. Certificated cotton stocks deliverable as of Sept. 10 totaled 64,455 480-lb bales, unchanged from 64,455 in the previous session.

Cotton Corporation of India is ready to open all his Kapas buying Center to buy Kapas at MSP rate of Rs 6050 (Rs 1205 per maund) to support Indian Cotton growing farmers.

Copyright Business Recorder, 2021