LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Saturday decreased the spot rate by Rs 500 per maund and closed it at Rs 17,700 per maund.

The local cotton market remained bearish and the trading volume remained satisfactory. Cotton Analyst Naseem Usman told Business Recorder that the rate of new crop of cotton in Sindh is in between Rs 17,700 to Rs 17,500 per maund. The rate of Phutti in Sindh is in between Rs 7,000 to Rs 7,500 per 40 kg. The rate of cotton in Punjab is in between Rs 18,500 to Rs 19,000 per maund and the rate of Phutti is in between Rs 7,500 to Rs 8,500 per 40 kg.

Around, 7200 bales of Tando Adam were sold at Rs 17,000 to Rs 18,000 per maund, 200 bales of Tando Muhammad Khan were sold at Rs 17,300 per maund, 800 bales of Shah Pur Chakar were sold at Rs 17,300 to Rs 18,000 per maund, 1400 bales of Mir Pur Khas were sold at Rs 17,000 to Rs 17,500 per maund, 3600 bales of Sanghar were sold at Rs 17,300 to Rs 17,800 per maund, 2400 bales of Shahdad Pur were sold at Rs 17,500 to Rs 17,700 per maund, 400 bales of Khando were sold at Rs 17,400 to Rs 17,500 per maund, 200 bales of Qazi Ahmad were sold at Rs 17,900 per maund, 400 bales of Khadro were sold in between Rs 17,400 to Rs 17,500 per maund, 200 bales of Vehari, 400 bales of Khanewal and 200 bales of Chichawatni were sold at Rs 19, 500 per maund and 600 bales of Burewala were sold at Rs 19,000 to Rs 19,500 per maund.

The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 5,00 per maund and closed it at Rs 17,700 per maund. Polyester Fiber was available at Rs 355 per kg.

Copyright Business Recorder, 2023