KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Tuesday increased the spot rate by Rs 300 per maund and closed it at Rs 15700 per maund.

The Spot Rate Committee of the Karachi Cotton Association increased the spot rate by Rs 300 per maund and closed it at Rs 15700 per maund. The polyester fibre was available at Rs 247 per kg.

Cotton Analyst Naseem Usman said that the local cotton market remained bullish and trading volume remained satisfactory.

The rate of cotton in Sindh remained between Rs 12500 to Rs 16,000 per maund and the rate of cotton in Punjab was registered at Rs 14,200 to Rs 15,600 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 5,500 to Rs 7,500 per 40 kg.

Similarly, prices of cotton in Balochistan were remained at Rs 13,800 to 16,000 per maund while Phutti prices were high as compared to other two provinces which were Rs 6,200 to 8,000 per maund, said Naseem Usman.

The rate of Banola in Sindh was between Rs 1,350 to Rs 2,000 per maund. While in Punjab rates of Banola were between Rs 15,50 to Rs 2,000 per maund. The rate of Banola in Balochistan today was Rs 16,000 to 2,000 per maund.

400 bales of Ghotki, 200 bales of Pano Aqil, 400 bales of Lodhran, 4800 bales of Rahim Yar Khan, 200 bales of Mian Wali, 300 bales of Sadiqabad, 1000 bales of Khan Pur, 200 bales of Kot Sabzal were sold at Rs 16000 per maund, 2000 bales of Khair Pur were sold at Rs 14800 to Rs 15200 per maund, 400 bales of Ahmed Pur East were sold at Rs 15700 per maund, 400 bales of Tunsa Shareef were sold at Rs 15400 per maund, 2000 bales of Haroonabad were sold at Rs 14950 to Rs 15300 per maund, 1200 bales of Yazman Mandi were sold at Rs 15000 to Rs 15500 per maund, 200 bales of Faqeer Wali were sold at Rs 15300 per maund, 400 bales of Bahwal Nagar were sold at Rs 14900 per maund and 400 bales of Sehar Sultan were sold at Rs 14825 per maund.

Saqib Naseem, central chairman Pakistan Yarn Merchants Association (PYMA) and Muhammad Junaid Teli, vice chairman, Sindh and Balochistan region have urged the government to cut the Customs duty on polyester yarn and abolis1h anti-dumping as per announcement in budget 2021-22.

They said that the government had announced in the budget 2021-22 to reduce the Customs duty at nine percent on polyester yarn, the main raw material of the textile industry, but after many months, neither Customs duty nor the anti-dumping duty has been reduced.

At the first meeting of the Managing Committee, PYMA office-bearers urged the Prime Minister Imran Khan, Advisor on Trade & Investment, Abdul Razak Dawood, and Finance Adviser, Shaukat Tarin that the government should fulfil promise to reduce Customs duty from 11 percent to nine percent on polyester yarn. Similarly, the anti-dumping duty should be abolished in the best interest of the textile industry, especially SMEs.

M Usman, Khurshid Shaikh, Hanif Lakhany, Saqib Goodluck, Farhan Ashrafi, Jawed Khanani, Altaf Haroon, Noman Ilyas, Asif Amanullah, Behroze Kapadia, Shoaib Sharif, Rizwan Almas, Sohail Nisar and Rizwan Diwan also attended the meeting.

Saqib Naseem, Junaid Teli further said that the prices of polyester yarn have gone up due to rising oil prices, excess freight charges and shortage of containers in the global market. As a result, the textile industry, SMEs, especially power looms, are suffering from high costs. They are having difficulty making cloth while it is becoming extremely difficult for them to run the units.

Copyright Business Recorder, 2021