KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Monday increased the spot rate by Rs 200 per maund and closed it at Rs 15200 per maund.
The Spot Rate Committee of the Karachi Cotton Association on Monday increased the spot rate by Rs 200 per maund and closed it at Rs 15200 per maund. The rate of polyester fibre was increased by Rs 5 per kg and was available at Rs 247 per kg.
Cotton Analyst told Business Recorder that the local cotton market remained bullish and trading volume remained satisfactory.
The rate of cotton in Sindh is in between Rs 12000 to Rs 15800 per maund and the rate of cotton in Punjab is in between Rs 14000 to Rs 15700 per maund.
The rate of the new crop of Phutti in Sindh was in between Rs 4500 to Rs 6500 per 40 kg. The rate of Phutti in Punjab is in between Rs 5800 to Rs 7500 per 40 kg. The rate of Banola in Sindh is in between Rs 1400 to Rs 2000 per maund. The rate of Banola in Punjab is in between Rs 1600 to Rs 2200 per maund. The rate of cotton in Balochistan is in between Rs 13800- 15500 per maund. The rate of Phutti in Balochistan is Rs 6200- 8000 per maund. 1800 bales of Ghotki were sold at Rs 15450 to Rs 15550 per maund, 200 bales of Pano Aqil ,4200 bales of Rahim Yar Khan, 1800 bales of Khan Pur, 1000 bales of Dera Ghazi Khan, 400 bales of Bagho Bahar were sold at Rs 15500 per maund, 200 bales of Sarhad, 200 bales of Mir Pur Mathelo were sold at Rs 15450 per maund, 1200 bales of Mehtab Pur were sold at Rs 14450 to Rs 14500 per maund, 400 bales of Kiandiyaro were sold at Rs 14450 per maund, 200 bales of Sarkand were sold at Rs 14200 to Rs 14300 per maund, 200 bales of Nawab Shah were sold at Rs 13700 per maund, 600 bales of Mir Pur Khas, 600 bales of Sanghar were sold at Rs 11400 per maund, 3400 bales of Sadiqabad, 1000 bales of Lodhran were sold at Rs 15400 to Rs 15500 per maund, 200 bales of Feroza were sold at Rs 15400 to Rs 15500 per maund, 1600 bales of Haroonabad were sold in between Rs 15200 to Rs 15300 per maund, 1600 bales of Faqeer Wali were sold at Rs 15200 per maund, 1600 bales of Yazman Mandi were sold at Rs 15000 to Rs 15300 per maund and 1200 bales of Vehari were sold at Rs 13800 per maund. Pakistan Textile Competitive inputs value addition can boost economy. Recovering from the pandemic shocks, Pakistan's textile exports are set to grow to $22 billion in FY22. Most of this growth will be driven by the introduction of supportive policies by the government and stabilization of the industry.
As per a Global Village Space report, Pakistan's textile industry has yielded spectacular results in recent times. Boosted by increasing investments from industrialists, the industry is set to rise by 25 percent annually from FY2022.
However, the industry also faces certain challenges in the coming year. It is likely to be particularly troubled by the uncertainties in the cotton as well as currency markets. Also, the industry's miniscule share of 1.7 percent in the global textile market may prove to be a cause of concern. Another challenge the industry faces is the rise in cotton yarn prices. Globally, cotton prices have reached $1 per pound, sparking a debate over the need Pakistan Textile Competitive inputs value addition can boost for a regulatory duty to be imposed on yarn exports.
Copyright Business Recorder, 2021
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