KARACHI: The local cotton market on Saturday remained bullish and trading volume remained satisfactory. The Spot Rate remained unchanged at Rs 15400 per maund. The polyester fiber was available at Rs 247 per kg.

The rate of cotton in Sindh remained between Rs 12000 to Rs 16,000 per maund and the rate of cotton in Punjab was registered at Rs 14,500 to Rs 15,800 per maund. The rate of the new crop of Phutti in Sindh was remained between Rs 4,500 to Rs 6,500 per 40 kg. While Phutti prices in Punjab were between Rs 5,800 to Rs 7,800 per 40 kg.

Similarly, prices of cotton in Balochistan were remained at Rs 14,500 to 15,800 per maund while Phutti prices were high as compared to other two provinces which were Rs 6,800 to 8,200 per maund, said Naseem Usman.

The rate of Banola in Sindh was between Rs 1,350 to Rs 1,950 per maund. While in Punjab rates of Banola were between Rs 1600 to Rs 2,100 per maund. The rate of Banola in Balochistan today was Rs 16,000 to 2,000 per maund.

1200 bales of Ghotki were sold at Rs 15500 to Rs 15800 per maund, 200 bales of Sarhad were sold at Rs 15700 per maund, 400 bales of Saleh Pat were sold at Rs 15000 per maund, 400 bales of Rohri were sold at Rs 14500 per maund, 800 bales of Lodhran were sold at Rs 15900 per maund, 400 bales of Khan Pur were sold at Rs 15700 per maund, 200 bales of Sadiqabad were sold at Rs 15600 per maund, 200 bales of Mian Wali were sold at Rs 15550 per maund, 200 bales of Marrot were sold at Rs 15300 per maund, 1400 bales of Noor Pur Nooranga, 400 bales of Bahawalpur were sold at Rs 15000 per maund, 400 bales of Yazman Mandi were sold at Rs 14850 per maund, 400 bales of Hasil Pur were sold at Rs 14800 per maund, 800 bales of Layyah were sold at Rs 14750 per maund.

President SITE Association of Industry, Abdul Rasheed has expressed grave concern over stoppage of gas supply to SITE industries and has appealed the Prime Minister of Pakistan Imran Khan and Energy Minister Hammad Azhar to provide gas to industries with required pressure to save the industries from disaster and workers from going jobless.

The Pakistan Yarn Merchants Association (PYMA) has urged the government to reduce the Customs duty on polyester yarn and abolish anti-dumping duty as per the announcement in Federal Budget 2021/22, a statement said.

The government had announced to reduce the Customs duty to 9 per cent on polyester yarn, the main raw material for the textile industry, but after passage of several months, neither the Customs duty nor the anti-dumping duty has been reduced.

At the first meeting of the Managing Committee, Saqib Naseem, central chairman of PYMA and Muhammad Junaid Teli, vice chairman of Sindh and Balochistan regions, unanimously demanded Prime Minister Imran Khan, Adviser on Commerce and Investment Abdul Razak Dawood and Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin to fulfill the promise of reducing the Customs duty from 11 percent to 9 percent on polyester yarn.

Copyright Business Recorder, 2021