LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 500 per maund and closed it at Rs 18,500 per maund.

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

Cotton Analyst Naseem Usman told Business Recorder that there is no trading of Phutti in the market because cotton ginners across the country have gone on an indefinite strike to protest against new taxes and an “exorbitant” rise in the power tariff for ginning units.-

He also said that the rate of new cotton in Sindh is in between Rs 18,500 to Rs 19,000 per maund. The rate of Phutti in Sindh is in between Rs 8,000 to Rs 8,500 per 40 kg.

The rate of cotton in Punjab is in between Rs 19,000 to Rs 19,500 per maund. The rate of Phutti in Punjab is in between Rs 9,000 to Rs 9,200 per 40 kg.

Around, 200 bales of Shahdad Pur and 400 bales of Tando Adam were sold at Rs 18,500 per maund, 600 bales of Tando Adam were sold at Rs 19,000 per maund and 400 bales of Mir Pur Khas were sold at Rs 18,800 per maund.

The Spot Rate Committee of the Karachi Cotton Association increased the spot rate by Rs 500 per maund and closed it at Rs 18,500 per maund. Polyester Fiber was available at Rs 375 per kg.

Copyright Business Recorder, 2024