LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Monday decreased the spot rate by Rs 700 per maund and closed it at Rs 20,300 per maund. The local cotton market remained easy and the trading volume remained satisfactory.

Cotton Analyst Naseem Usman told Business Recorder that the rate of new crop of cotton in Sindh is Rs 19,800 to Rs 20,200 per maund. The rate of Phutti in Sindh is in between Rs 9,000 to Rs 9,800 per 40 kg. The rate of cotton in Punjab Rs 20,500 to Rs 21,000 per maund and the rate of Phutti in Punjab is in between Rs 9,000 to Rs 10,000 per 40 kg. The rate of cotton in Balochistan is Rs 20,000 to Rs 20,400 per maund while the rate of Phutti is in between Rs 9,000 to Rs 11,000 per 40 kg.

Seed Cotton (Phutti) equivalent to over three million (30,41,104) bales have reached ginning factories across Pakistan till Aug 31, 2023.

According to a fortnightly report of Pakistan Cotton Ginners Association (PCGA) issued to media on Sunday, Punjab ginning factories recorded a cotton arrival figure of 10,68796 bales while arrivals to ginneries in Sindh recorded at (19,72,308) bales including 11,84,243 reaching ginneries in Sanghar district alone. Arrivals in Baluchistan were recorded at 70,600 bales.

Out of the total arrivals, seed cotton converted into bales was recorded at 2.8 million (28,61,106) bales.

Exporters have bought 168,726 bales of cotton in total while textile mills bought total of over 2.6 million (26,15,271) bales. The Trading Corporation of Pakistan (TCP) has not yet started procuring cotton, according to the report. As many as 2,57,107 unsold cotton bales stock were present. A total 528 ginning factories were operational in the country. 1000 bales of Tando Adam were sold in between Rs 19,650 to Rs 20,000 per maund, 400 bales of Layyah were sold at Rs 21,000 per maund, 600 bales of Rajan Pur, 200 bales of Mongi Bangla, 400 bales of Gojra and 200 bales of Hasil Pur were sold at Rs 20,500 per maund.

The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 700 per maund and closed it at Rs 20,300 per maund. The rate of Polyester Fiber was increased by Rs 5 and was available at Rs 378 per kg.

Copyright Business Recorder, 2023