Spot rate firm amid lean business
LAHORE: The local cotton market on Thursday remained steady and the trading volume remained low.
Cotton Analyst Naseem Usman told Business Recorder that there is no trading of Phutti in the market because cotton ginners across the country have gone on an indefinite strike to protest against new taxes and an “exorbitant” rise in the power tariff for ginning units.
He also said that the rate of new cotton in Sindh is in between Rs 19,000 to Rs 19,200 per maund. The rate of Phutti in Sindh is in between Rs 8,000 to Rs 8,500 per 40 kg.
The rate of cotton in Punjab is in between Rs 19,500 to Rs 19,800 per maund. The rate of Phutti in Punjab is in between Rs 9,000 to Rs 9,200 per 40 kg.
Around, 400 bales of Sanghar and 600 bales of Tando Adam were sold at Rs 19,000 per maund.
The Spot Rate remained unchanged at Rs 18,500 per maund. Polyester Fiber was available at Rs 375 per kg.
Copyright Business Recorder, 2024
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