LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Saturday increased the spot rate by Rs 5,00 per maund and closed it at Rs 21,500 per maund.

The local cotton market remained tight and the trading volume was satisfactory.

Cotton Analyst Naseem Usman told Business Recorder that the reason behind increase in the prices is increased in the rate of cotton in international market especially New York cotton. The second reason behind increase in prices is decreasing reserve of cotton in local market.

He also told that the rate of cotton in Sindh and Punjab is in between Rs 20,000 to Rs 22,500 per maund. Phutti prices in Punjab were observed between Rs 8,500 and Rs 10,500 per 40 kg.

100 bales of Ghotki were sold at Rs 23,900 per maund (Primark), 600 bales of Dera Ghazi Khan were sold at Rs 23,00 per maund (Balochi), 2200 bales of Khanewal were sold at Rs 22,500 per maund, 200 bales of Multan, 600 bales of Rahim Yar Khan, 200 bales of Yazman Mandi and 700 bales of Noor Pur Noranga were sold at Rs 22,000 per maund.

The Spot Rate Committee of the Karachi Cotton Association increased the spot rate by Rs 5,00 per maund and closed it at Rs 21,500 per maund.

Moreover, Polyester fiber was available in the market at Rs 365 per kg.

Copyright Business Recorder, 2024