LAHORE: The spot rate committee of the Karachi Cotton Association on Thursday increased the spot rate by Rs 500 per maund and closed it at Rs 16,500 per maund.

Cotton Analyst Naseem Usman said as per the monthly report till October, 31, 2022 of the Pakistan Cotton Ginners Association 37 lac and seven thousand bales were produced which is 40.74% less as compared to the last year’s production of more than 62 lac bales produced during this month.

The local cotton market remained steady and the trading volume remained very low.

Naseem Usman added that the rate of cotton in Sindh is in between Rs 14,000 to Rs 17,000 per maund. The rate of cotton in Punjab is in between Rs 15,500 to Rs 18,000 per maund. The rate of Phutti in Sindh is between Rs 6,000 to Rs 8,200 per 40 Kg. The rate of Phutti in Punjab is in between Rs 6,500 to Rs 8,500 per 40 Kg. The rate of cotton in Balochistan is in between Rs 14,500 to Rs 18,500 per maund.

Around 400 bales of Shahdad Pur were sold at Rs 16,800 per maund, 600 bales of Ghotki were sold at Rs 15,975 to Rs 17,000 per maund, 1,000 bales of Dharki were sold at Rs 16,200 to Rs 18,000 per maund, 400 bales of Panu Aqil, 400 bales of Mir Pur Mathelo were sold at Rs 17,000 per maund, 200 bales of Hasil Pur were sold at Rs 16,700 per maund, 600 bales of Fort Abbas were sold at Rs 15,500 per maund, 200 bales of DG Khan were sold at Rs 18,000 per maund and 200 bales of Mian Wali were sold at Rs 16,500 per maund.

The spot rate committee of the Karachi Cotton Association on Thursday increased the spot rate by Rs 500 per maund and closed it at Rs 16,500 per maund. Polyester Fiber was available at Rs 290 per Kg.

Copyright Business Recorder, 2022