LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Thursday increased the spot rate by Rs 700 per maund and closed it at Rs 19,000 per maund.
The local cotton market remained bullish and the trading volume was satisfactory.
Cotton Analyst Naseem Usman told that the sowing of cotton crop 2022-23 seasons in Punjab is on final stage whereas sowing in Sindh has been completed. According to the first estimate report released by Crop Reporting Service Department Punjab, the cultivated area of cotton recorder at 1.485 million hectares which comprises 81.5 % of target and about 16.1 % higher than previous year.
Whereas sowing area in Sindh was registered at 0.517 million hectares which comprises 80.8 % of the target and about 13.0 % less than previous year. Total cultivated area of both provinces placed at 2.002 million hectares which shows 81.4 % against target and an increase of 6.9 % as compared to last years.
The rate of cotton in Sindh is in between Rs 18,800 to Rs 19,200 per maund. The rate of cotton in Punjab is in between Rs 20,000 to Rs 22,200 per maund. The rate of Phutti in Sindh is in between Rs 45,00 to Rs 7,000 per 40 Kg. The rate of Phutti in Punjab is in between Rs 8,000 to Rs 10,000 per 40 Kg.
1200 bales of Sanghar were sold at Rs 18,000 to Rs 18,500 per maund, 2400 bales of Tando Adam were sold at Rs 18,000 to Rs 18,500 per maund, 2200 bales of Shahdad Pur were sold at Rs 17,600 to Rs 18,200 per maund, 800 bales of Mir Pur Khas were sold at Rs 17,500 to Rs 18,000 per maund, 800 bales of Shah Pur Chakar were sold at Rs 18,000 to Rs 18,300 per maund, 600 bales of Hyderabad were sold at Rs 18,000 to Rs 18,300 per maund, 200 bales of Khair Pur Tamiwali were sold at Rs 20,100 per maund, 1600 bales of Khanewal were sold at Rs 19,500 to Rs 20,000 per maund, 200 bales of Kassowal were sold at RS 20,000 per maund, 600 bales of Layyah were sold at Rs 19,500 per maund, 800 bales of Hyderabad were sold at Rs 19,700 to Rs 20,000 per maund, 600 bales of Vehari were sold at RS 19450 to Rs 19800 per maund, 400 bales of Tunsa, 400 bales of Ali Pur , 400 bales of Burewala were sold at Rs 19500 per maund, 600 bales of Pir Mahal were sold at Rs 19,500 to Rs 19,700 per maund, 800 bales of Chichawatni were sold at Rs 19,700 to Rs 20,000 per maund, 200 bales of Hasil Pur were sold at Rs 19,800 per maund and 200 bales of Mian Channu were sold at Rs 19,700 per maund.
The Spot Rate Committee of the Karachi Cotton Association on Thursday increased the spot rate by Rs 700 per maund and closed it at Rs 19,000 per maund. The polyester fiber was available at Rs 320 per Kg.
Copyright Business Recorder, 2022
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