LAHORE: The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs500 per maund and closed it at Rs18,700 per maund.
Cotton Analyst Naseem Usman told Business Recorder that the local cotton market witnessed sharp decline of about Rs500/- both in Sindh and Punjab with the improving arrival under conducive weather condition. This correction was expected as the prices were going up irrationally, unfeasible for the mills. Contrarily, ICE future touched four months high owing to expected threat to the US crop by Hurricane. However, global prices don’t seem to be sustainable at this level due to higher production compared to consumption.
The rate of cotton in Sindh is in between Rs16,800 to Rs17,700 per maund. The rate of Phutti in Sindh is in between Rs7,000 to Rs8,200 per 40 kg.
The rate of cotton in Punjab is in between Rs17,200 to Rs18,200 per maund. The rate of Phutti in Punjab is in between Rs7,400 to Rs8,500 per 40 kg.
The rate of cotton in Balochistan is in between Rs16,900 to Rs17,200 per maund. The rate of Phutti in Balochistan is in between Rs7,000 to Rs8,500 per 40 kg. The rate of Balochi Cotton is in between Rs19,900 to Rs20,200 per maund.
6,000 bales of Fort Abbas were sold in between Rs17,700 to Rs18,200, 1000 bales of Mir Pur Khas were sold in between Rs17,800 to Rs18,000, 800 bales of Hyderabad were sold in between Rs17,500 to Rs18,000, 400 bales of Kotri were sold at Rs17,800, 2600 bales Shahdad Pur were sold in between Rs17,800 to Rs18,200, 1000 bales of Sanghar were sold in between Rs17,750 to Rs18,000, 600 bales of Hala were sold in between Rs17,800 to Rs18,000, 1000 bales of Saleh Pat were sold at Rs17,750 to Rs18,000, 400 bales of Nawab Shah were sold at Rs17,750, 200 bales of Bakhar were sold at Rs19,000, 800 bales of Fort Abbas were sold at Rs19,000 to Rs19,300, 1800 bales of Haroonabad, 800 bales of Marrot were sold at Rs19,000 to Rs19,200, 1200 bales of Vehari were sold in between Rs18,500 to Rs19,200, 600 bales of Yazman Mandi were sold in between Rs19,000 to Rs19,100, 200 bales of Layyah were sold at Rs19,000, 400 bales of Burewala were sold in between Rs17,900 to Rs18,500, 800 bales of Chichawatni were sold at Rs 18,500, 400 bales of Hasil Pur and 400 bales of Chishtian were sold at Rs19,000.
The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs500 per maund and closed it at Rs18,700 per maund. Polyester Fiber was available at Rs357 per Kg.
Copyright Business Recorder, 2024
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