KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Thursday increased the spot rate by Rs 400 per maund and closed it at Rs 14700 per maund. The local cotton market remained easy and trading volume remained good.
The Spot Rate Committee of the Karachi Cotton Association on Thursday increased the spot rate by Rs 400 per maund and closed it at Rs 14700 per maund. The Spot Rate remained unchanged at Rs 13900 per maund. The Polyester Fiber was available at Rs 225 per kg.
The rate of cotton in Sindh is in between Rs 12000 to Rs 14700 per maund and the rate of cotton in Punjab is in between Rs 14000 to Rs 147000 per maund.
The rate of the new crop of Phutti in Sindh was in between Rs 5000 to Rs 6200 per 40 kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 6400 per 40 kg. The rate of Banola in Sindh is in between Rs 1600 to Rs 1900 per maund. The rate of Banola in Punjab is in between Rs 1600 to Rs 2000 per maund. The rate of cotton in Balochistan is in between Rs 14200- 14100 per maund. The rate of Phutti in Balochistan is Rs 5800- 7200 per maund.
2400 bales of Khair Pur were sold at Rs 13800 to Rs 14100 per maund, 200 bales of Sarkand were sold at Rs 1400 bales of Saleh Pat were sold at Rs 14000 to Rs 14200 per maund, 2000 bales of Rohri were sold at Rs 13900 to Rs 14100 per maund, 1200 bales of Ghotki, 1600 bales of Dherki were sold at Rs 14500 per maund, 1200 bales of Shahdad Pur were sold at Rs 12300 to Rs 13500 per maund, 200 bales of Bagho Bahar were sold at Rs 14500 per maund, 3200 bales of Rahim Yar Khan were sold at Rs 14200 to Rs 14500 per maund, 2400 bales of Sadiqabad were sold at Rs 14250 to Rs 14300 per maund, 400 bales of Fort Abbas were sold at Rs 14000 per maund, 400 bales of Khanewal were sold at Rs 13800 per maund, 200 bales of Hasil Pur were sold at Rs 14000 per maund.
Cotton Analyst Naseem Usman told Business Recorder that it was told in the meeting held under the chairman ship of Secretary Tahir Khurshid that this year it is expected that this year 9.37 million bales will arrive this year. The governments announcement of intervention price enhanced the growers confidence in investment on crop management resulted in higher arrivals of cotton in ginners.
Mean While, Cotton World Day was organized under the chairmanship of Naseem Usman of Karachi Cotton Brokers Forum. Cotton is a cash crop. Cotton plays a key role in the development of the country's economy. It is a source of employment for millions of people. Cotton is a major contributor to the country's GDP. The country's textile mills depend on the cotton crop and the country earns 60% foreign exchange from it. It also provides 40% employment.
In addition, cotton is used to make multiple products. It is used to make edible oil, which is used to make ghee. Ghee is used to make many products. Oil is used to make fertilizer, which is used to make laundry soap. ? Cottonseed comes out of cotton. Cotton seed oil comes out and shells are formed which is animal feed. Milk is provided in abundance from shells.
ICE cotton futures leaped as much as 4.6% on Wednesday to trade limit up for the second straight session, powered by strong demand for U.S. cotton from top consumer China.
The cotton contract for December rose 1.55 cent, or 1.4%, to 110.48 cents per lb, by 11:25 a.m. EDT (1525 GMT).
Fundamentally, cotton is having a hard time getting to the market due to logistical issues, rains and delays in the crop, however, there is no supply shortage in the U.S. that could cause prices to continue to move limit up on a daily basis, said Jordan Lea, senior trader at DECA Global.
Copyright Business Recorder, 2021
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