KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 400 per maund and closed it at Rs 14300 per maund.

The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 400 per maund and closed it at Rs 14300 per maund. The Spot Rate remained unchanged at Rs 13900 per maund. The Polyester Fibre was available at Rs 225 per kg.

The local cotton market on Wednesday remained bullish and trading volume remained good.

Chairman Karachi Brokers Forum Naseem Usman told Business Recorder that rate of cotton in local cotton market reached at Rs 15500 per maund which is at highest level in ten years. Textile mills were in shock due to the sky rocketing rates of cotton.

Naseem Usman also told that Rate of Promise (Waday Ka Bhao) of New York Cotton once again traded at more than one dollar. The rate of cotton in the morning opened at 113.92 American cent.

Usman says increasing disparity among dollar and rupee, recent spell of rains in Punjab’s cotton belt, reports of white-fly, mealybug and pink bollworm attacks as well as unavailability of latest reliable data about the crop size are adding to the worries of the local buyers.

The rate of cotton in Sindh is in between Rs 12500 to Rs 15000 per maund and the rate of cotton in Punjab is in between Rs 14300 to Rs 15000 per maund.

The rate of the new crop of Phutti in Sindh was in between Rs 5000 to Rs 6200 per 40 kg. The rate of Phutti in Punjab is in between Rs 5800 to Rs 6500 per 40 kg. The rate of Banola in Sindh is in between Rs 1600 to Rs 1900 per maund. The rate of Banola in Punjab is in between Rs 1700 to Rs 2000 per maund. The rate of cotton in Balochistan is in between Rs 14200- 14800 per maund. The rate of Phutti in Balochistan is Rs 5800-7200 per maund.

2400 bales of Khair Pur were sold at Rs 13800 to Rs 14100 per maund, 200 bales of Sakrand were sold at Rs 14000 per maund, 1400 bales of Saleh Pat were sold at Rs 14000 to Rs 14200 per maund, 200 bales of Rohri were sold at Rs 13900 to Rs 14100 per maund, 1200 bales of Ghotki , 1600 bales of Dherki were sold at Rs 14500 per maund, 1200 bales of Shahdad Pur were sold at Rs 12300 to RS 13500 per maund, 200 bales of Bagho Bahar were sold at Rs 14500 per maund, 3200 bales of Rahim Yar Khan were sold at Rs 14200 to Rs 14500 per maund, 2400 bales of Sadiqabad were sold at Rs 14250 to Rs 14300 per maund, 400 bales of Fort Abbas were sold at Rs 14000 per maund, 400 bales of Khanewal were sold at Rs 13800 per maund and 200 bales of Hasil Pur were sold at Rs 14000 per maund.

ICE cotton futures surged 3.8% on Tuesday to trade limit up, bolstered by concerns over a shortfall in supply due to crop damages in key growing regions, couplled with a strong demand outlook for the natural fiber.

The cotton contract for December was up four cents, or 3.81%, at 108.93 cents per lb, by 12:32 p.m. EDT, an all-time peak for the December contract, and a high since September 2011 for the second month cotton futures contract.

Copyright Business Recorder, 2021