KARACHI: The local cotton market on Wednesday remained stable and trading volume remained satisfactory.

Cotton analyst Naseem Usman told that the rate of cotton in Sindh remained between Rs 12,500 to Rs 16,000 per maund and the rate of cotton in Punjab was registered at Rs 14,500 to Rs 16,000 per maund.

The rate of the new crop of Phutti in Sindh was remained between Rs 4,500 to Rs 5,500 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 14,000 to Rs 16,000 per maund while Phutti prices were high as compared to other two provinces which were Rs 6,200 to Rs 7,000 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 1,550 to Rs 2,000 per maund. The rate of Banola in Balochistan Wednesday was Rs 1,600 to Rs 2,000 per maund.

Seed cotton (Phutti) equivalent to over 6.2 million or exactly 6,257,019 bales have reached ginning factories across the country till November 1, registering increase of 81.24 per cent as compared to corresponding period of the last year.

According to a fortnightly report of Pakistan Cotton Ginners Association (PCGA) released on Wednesday, over 5.7 million or 5,727,461 bales have undergone the ginning process i.e. converted into bales. Cotton arrivals in Punjab were recorded at over 2.9 million or 2,935,119 bales registering increase of 69.83 percent as compared to the corresponding period of last year when arrivals were recorded 1,728,285 bales.

Sindh generated over 3.3 million or 3,321,900 bales registering an increase of 92.67 pc as compared to the corresponding period of last year when arrivals were recorded 1,724,097 bales.

Textile mills bought 5,504,098 bales while exporters purchased 16,200 bales and Trading Corporation of Pakistan (TCP) didn’t buy during the cotton season 2021-22.

Sanghar district of Sindh topped with cotton arrival figure of 1,302,956 bales followed by Bahawalnagar district of Punjab with 751,450 bales. Total 578 ginning factories were operational in the country. Exactly 736,721 cotton bales unsold stock was available in ginning factories.

The Spot Rate remained unchanged at Rs 15,700 per maund. The polyester fiber was available at Rs 247 per kg.

Copyright Business Recorder, 2021