KARACHI: The Spot Rate Committee of Karachi Cotton Association on Monday has increased the spot rate by Rs 50 per maund and closed it at Rs 8300 per maund.
Local cotton market remained stable however trading activities were affected due to rains in cotton belt of Sindh and Punjab.
Market sources told that quality of Phutti as well as supply of Phutti was affected due to the monsoon rains. Picking may also be affected due to rains.
Sources also told that the sowing area of cotton has decreased by 20 percent. The major reason for the decrease in the production of cotton is non-availability of good quality seeds and failure of concerned departments to control pest pressure.
Cotton Analyst Naseem Usman told that Pakistan Textile Exporters Association has appealed to the government for the continuation of sustainable energy package that is provision of electricity at 7.5 cent / Kwh (all inclusive) and RLNG @ US $ 6.5 / MMBTU for textile chain. They also demanded that government should ensure timely payment of all the refunds & incentives. Government should also ensure payment of outstanding Duty Draw back of Taxes (DDT) and textile policy incentives Technology Upgradation Fund (TUF) & Mark up support and establishment of LTU at Faisalabad.
Naseem also said that in a meeting with Prime Minister Imran Khan and Chief Minister Punjab Usman Buzdar President Federation of Pakistan Chambers of Commerce and Industry Mian Anjum Nisar discuss various problems faced by the industry.
During the meeting Chief Minister Usman Buzdar told that Government of Punjab is in process of signing JV with Monsanto for BT cotton.
Meanwhile Federal Minister for National Food Security Syed Fakhar Imam said that still there is a threat of Locust attack from India.
Advisor to Prime Minister on Commerce and Investment Abdul Razak Dawood in its tweet said that exporters have always been wanting that their refunds to go directly in their accounts. "I am pleased to announce that effective from 1st of September 2020, the SBP will be crediting the Duty Draw backs directly in to the bank accounts of the exporters".
Naseem Usman told that 200 bales of Khadro were sold at Rs 8225, 1000 bales of Sanghar were sold at Rs 8225 to Rs 8300, 800 bales of Shahdadpur were sold at Rs 8250 to Rs 8300, 400 bales of Kotri were sold in between Rs 8300 to Rs 8350, 400 bales of Burewala, 400 bales of Mian Channu, 400 bales of Mongi Bangla and 600 bales of Chichawatni were sold at Rs 8550 per maund.
He told that cotton of Sindh was sold in between Rs 8300 to Rs 8350. Cotton of Punjab was sold in between Rs 8500 to Rs 8550.
He also told that Phutti of Sindh was sold in between Rs 3300 to Rs 3700 per 40 kg. The rate of Phutti in Punjab is in between Rs 3700 to Rs 4000 per 40 kg.
The rate of Banola in Sindh was in between Rs 1450 to Rs 1500 while the price of Banola in Punjab was in between Rs 1500 to Rs 1550.
The Spot Rate Committee of Karachi Cotton Association has increased the spot rate by Rs 50 per maund and closed it at Rs 8300 per maund. The polyester fiber was available at Rs 155 per kg.
Copyright Business Recorder, 2020
Markets.Cotton & Textile
Cotton Spot Rates
RECORDER REPORT
KARACHI: Official KCA spot rates for local dealings in Pakistan rupees on Monday (August 10, 2020).
===========================================================================The KCA Official Spot Rate for Local Dealings in Pakistan Rupees--------------------------------------------------------------------------- FOR BASE GRADE 3 STAPLE LENGTH 1-1/16" MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL===========================================================================Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference For Price Ex-Karachi Ex. KHI. As Ex-Karachi On 08-08-2020===========================================================================37.324 kg 8,300 180 8,480 8,430 + 50/-Equivalent40 kgs 8,895 193 9,088 9,034 + 54/-===========================================================================Copyright Business Recorder, 2020