Rates firm amid modest business

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

Cotton Analyst Naseem Usman told Business Recorder that due to rains in the cotton areas of Sindh and Punjab may effect the quality of Phutti.

The Spot Rate remained unchanged at Rs 12700 per maund. The Polyester Fiber was available at Rs 222 per kg.

The rate of cotton in Sindh is in between Rs 11500 to Rs 12000 per maund and the rate of cotton in Punjab is in between Rs 12500 to Rs 13200 per maund.

The rate of the new crop of Phutti in Sindh was in between Rs 4500 to Rs 5500 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5000 to Rs 5600 per 40 kg. The rate of Banola in Sindh is in between Rs 15500 to Rs 16500 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 in between Rs 12000- 13000 per maund. The rate of Phutti in Balochistan is Rs 6100- 6600 per maund.

400 bales of Hyderabad were sold at Rs 1200 per maund, 600 bales of Mir Pur Khas were sold at Rs 11000 to Rs 11600 per maund, 1400 bales of Nawab Shah were sold at Rs 12000 to Rs 12300 per maund, 4000 bales of Khan Pur were sold at Rs 12400 to Rs 12600 per maund, 1200 bales of Rohri were sold at Rs 12300 to RS 12600 per maund, 800 bales of Shahdad Pur were sold at Rs 11800 to Rs 12300 per maund, 400 bales of Saleh Pat were sold at Rs 12600 per maund, 200 bales of Pano Aqil were sold at Rs 12700 per maund, 200 bales of Khan Pur Mehar were sold at Rs 12700 per maund, 800 bales of Mir Pur Mathelo were sold at Rs 12800 to Rs 12900 per maund, 800 bales of Ghotki were sold at Rs 12700 to Rs 12900 per maund, 100 bales of Rahim Yar Khan were sold at Rs 13000 per maund, 200 bales of Dera Ghazi Khan were sold at Rs 12500 per maund, 200 bales of Fazil Pur were sold at Rs 12600 per maund, 1400 bales of Haroonabad were sold at Rs 12500 to Rs 12700 per maund, 200 bales of Shadan Lund were sold at Rs 12500 per maund.

Federal Finance Minister Shaukat Tarin in his speech on 19th September at KCCI meeting said that the current season of cotton production in Pakistan will produce about 12 million bales.

ICE cotton futures rose more than 1% on Tuesday, with mills taking advantage of a steep fall in the previous session to buy back some of the natural fiber, while a weaker dollar offered further support. Total futures market volume fell by 35,805 to 17,827 lots. Data showed total open interest fell 8,727 to 263,976 contracts in the previous session.

Copyright Business Recorder, 2021