KARACHI: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Tuesday increased the spot rate by RS 300 per maund and closed it at Rs 13600 per maund.
The Spot Rate Committee of the Karachi Cotton Association on Tuesday increased the spot rate by RS 300 per maund and closed it at Rs 13600 per maund. The Polyester Fiber was available at Rs 225 per kg.
The local cotton market on Tuesday remained bullish and trading volume remained a little bit low due to rains in cotton growing areas of Sindh and Punjab.
Cotton Analyst Naseem Usman told Business Recorder that positive aspects of news of ending of trade war between China and America beginning to be seen in cotton markets of the world including Pakistan.
The rate of cotton in Sindh is in between Rs 12500 to Rs 13800 per maund and the rate of cotton in Punjab is in between Rs 13800 to Rs 14100 per maund.
The rate of the new crop of Phutti in Sindh was in between Rs 5500 to Rs 6100 per 40 kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 6100 per 40 kg. The rate of Banola in Sindh is in between Rs 1450 to Rs 1700 per maund. The rate of Banola in Punjab is in between Rs 1650 to Rs 1850 per maund. The rate of cotton in Balochistan is in between Rs 13500-13800 per maund. The rate of Phutti in Balochistan is Rs 6200-7200 per maund.
1800 bales of Ghotki were sold in between Rs 13700 to 13750 per maund, 1200 bales of Dherki, 1200 bales of Khan Pur Mehar, 1200 bales of Mir Pur Mathelo, 1000 bales of Pano Aqil were sold at Rs 13750 per maund, 1200 bales of Rohri were sold at Rs 13450 to Rs 13750 per maund, 1800 bales of Saleh Pat were sold at Rs 13500 to Rs 13750 per maund, 800 bales of Sarhad were sold at Rs 13750 per maund, 200 bales of Ghupchani were sold at Rs 12500 per maund, 400 bales of Shahdad Pur were sold at Rs 13000 per maund, 200 bales of Sanghar were sold at Rs 12500 per maund, 800 bales of Dera Ghazi Khan were sold at Rs 14000 per maund, 400 bales of Burewala were sold at Rs 14000 to Rs 14100 per maund, 200 bales of Bagho Bahar, 200 bales of Chichawatni, 1000 bales of Khan Pur , 2200 bales of Rahim Yar Khan were sold at Rs 14000 per maund, 400 bales of Bahawalpur, 400 bales of Yazman Mandi, 800 bales of Haroonabad, 800 bales of Fort Abbas were sold at Rs 13700 per maund,
Feelings of bloom and gloom are coming before the autumn season. Fears of growing imports and slipping current account deficit have gripped discourse on mainstream media. In the midst, the story of textile exports growth taking off has been largely missed. Back in 2018, BR Research had noted that textile exports can grow up to $20 billion in 3-4 years, provided government provides the right incentive structure. (For details, read: “Textile ready to take off”, published on 14th December 2018).
It appears that textile exports are finally indeed taking off. According to PBS data, textile group exports crossed $15 billion during FY21. The federal government is convinced that exports shall cross $20 billion in FY22. Textile industry lobbyists insist that for exports growth to maintain its momentum, incentive structure must ensure provision of energy on regionally competitive pricing, flexible exchange rate, and availability of long-term finance at concessionary markup.
ICE cotton futures gained for a fifth straight session on Monday, climbing as much as 4% to a contract-high as funds stepped up purchases and demand from China, the biggest natural fibre consumer, remained steady.
The cotton contract for December rose 1.72 cent, or 1.8%, to 97.71 cents per lb, by 1:30 p.m. EDT (1730 GMT). Earlier, the December contract jumped 4% to hit a contract-high of 99.86 cents per lb.
Total futures market volume fell by 2,538 to 59,983 lots. Data showed total open interest rose 8,283 to 271,571 contracts in the previous session.
Copyright Business Recorder, 2021
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