LAHORE: The Karachi Cotton Association (KCA) kept the cotton spot rate unchanged for the second consecutive day at Rs 17,935 per maund on Thursday while the trading remained steady and volume satisfactory.
Cotton trading analyst, Naseem Usman, while talking to Business Recorder said that rates of cotton and Phutti from Sindh, Punjab and Balochistan also remained almost the same.
Reviewing the trading activity, he said arrival seemed to be low if fortnightly figures are analyzed and it could be due to rains and Muharram leaves.
He said that the total arrival to date is around 1.428 million bales. He was happy to note that rainwater had not caused any significant damage to cotton crops and Pakistan would be able to produce more than 10 million bales if there would be no floods or heavy rains.
He said at present biggest issue is moisture in cotton crop and millers have to compromise on it as it is natural phenomenon. He said all the parameters of the cotton crop are good and it is hoped that quality will improve with every passing day. He said there is no reason to see recession as there will be political pressure of the support price of 8,500 per maund due to which the quality market will remain hovering around Rs 17, 500 to Rs 18,500 per maund.
Naseem Usman also quoted a statement of the Cotton Commissioner of the Ministry of National Food Security & Research Dr Zahid Mahmood that Pakistan would achieve its target of 12.65 million bales this year as the weather is favourable for the cotton.
Meanwhile, 200 bales from Mir Pur Khas today were traded at Rs 17,600 per maund, 200 bales from Rohri were traded at Rs 17, 875 per maund, 200 bales from Dour at Rs 17,800 per maund and 200 bales of Sarhari at Rs 17, 850 bales.
While 2800 bales from Tando Adam, 2200 bales from Shahdad Pur and 2000 bales from Sanghar fetched a price of Rs 17,600 to Rs 17,700 per maund. 800 bales from Ahmed Pur East were traded at Rs 18,500 per maund.
From Punjab, 2600 bales of Chichawatni were traded at Rs 17,900 to Rs 18,300 and 600 bales from Mamo Kanjan and 500 bales from Mian Chunnu fetched the price of Rs 18,100 to 18, 200 per maund. 800 bales from Vehari were traded at Rs 18, 250 to 18,300 per maund. 200 bales from Mongi Bangla and 200 bales of Mureed Wala were traded at Rs 18,150 per maund and another 400 bales from Sumandari were traded at Rs 17,900 per maund.
Copyright Business Recorder, 2023
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