KARACHI: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Friday increased the spot rate by Rs 100 per maund and closed it at Rs 1400 per maund.

Cotton Analyst Naseem Usman told Business Recorder that the local cotton market remained bullish on Friday and the trading volume was good.

The rate of cotton in Sindh is in between Rs 13800 to Rs 14000 per maund and the rate of cotton in Punjab is in between Rs 14000 to Rs 14300 per maund which is highest in ten years.

The rate of the new crop of Phutti in Sindh was in between Rs 5700 to Rs 6200 per 40 kg. The rate of Phutti in Punjab is in between Rs 5700 to Rs 6250 per 40 Kg. The rate of Banola in Sindh is in between Rs 1700 to Rs 1850 per maund. The rate of Banola in Punjab is in between Rs 1750 to Rs 1900 per maund. The rate of cotton in Balochistan is Rs 13800 to Rs 13900 per maund. The rate of Phutti in Balochistan is Rs 6200- 6900 per maund.

400 bales of Saleh Pat were sold at Rs 14050 per maund, 800 bales of Khair Pur were sold at Rs 14000 to Rs 14050 per maund, 200 bales of Maqsooda Rind were sold at Rs 14000 per maund, 1200 bales of Shahdad Pur were sold in between Rs 13825 to Rs 14000 per maund, 1200 bales of Tando Adam were sold at Rs 13850 to Rs 14000 per maund, 200 bales of Sarhari were sold at Rs 13900 per maund, 400 bales of Kotri were sold at Rs 13800 to Rs 13900 per maund, 600 bales of Hyderabad were sold at Rs 13700 to Rs 13900 per maund, 600 bales of Burewala, 800 bales of Mian Channu were sold at Rs 14200 to Rs 14300 per maund,1600 bales of Chichatni, 200 bales of Ghazi Ghat, 400 bales of Layyah, 200 bales of Rajan Pur, 400 bales of Khanewal, 400 bales of Khan Pur were sold at Rs 14300 per maund, 200 bales of Haroonabad, 200 bales of Faqeer Wali, 200 bales of Fort Abbas, 400 bales of Rahim Yar Khan were sold at Rs 14200 per maund and 800 bales of Vehari were sold at Rs 14150 to Rs 14200 per maund.

The country’s textile group exports declined by 11.32 percent on month-on-month basis and remained $1.471 billion in July 2021 compared to $1.658 billion in June 2021, says the Pakistan Bureau of Statistics (PBS).

Meanwhile, Apparel exporters and spinners in Bangladesh have set an upper ceiling on the price of count 30-single yarn to prevent any unusual price hike of the item in the domestic market. Following a continuous rise in yarn prices in the last 30 days, leaders of textile and garment associations met recently and set the maximum price of 30-count yarn.

The meeting convened by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and the Bangladesh Textile Mills Association (BTMA) decided the upper ceiling of the 30s cotton carded yarn at $4.20 a kilogram and 30s cotton combed yarn at $4.

Readymade garment exporters in the country had been requesting the government for the last few weeks to make yarn import open through all land ports, alleging that the price of the item had increased by 50-60 per cent in the domestic market compared to that in the international market, according to Bangla media reports.

Exporters alleged that the unusual price hike of yarn in the local market eroded their competitive edge on the global export market.

If the global cotton index exceeds 100 points, an upward revision of the yarn price will take place in the local market and if the index goes down below 85 points, the price will be reduced, BTMA president Mohammad Ali Khokon was quoted as saying.

ICE cotton futures eased on Thursday to snap a four-session long streak of gains, weighed down by an up tick in the dollar.

The Spot Rate Committee of the Karachi Cotton Association increased the spot rate by Rs 100 per maund and closed it at Rs 1400 per maund. The Polyester Fiber was available at Rs 222 per kg.

Copyright Business Recorder, 2021