LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Monday increased the spot rate by Rs 300 per maund and closed it at Rs 17,800 per maund.
Cotton Analyst Naseem Usman told Business Recorder that the local cotton market remained steady and the trading volume remained low.
Seed Cotton (Phutti) equivalent to over one million (10,75,028) bales have reached ginning factories across Pakistan till August 15, 2024.
According to a fortnightly report of Pakistan Cotton Ginners Association (PCGA) issued to media on Sunday, Punjab ginning factories recorded cotton arrival figures of 3,92,736 bales while arrivals to ginneries in Sindh recorded at 6,82,292 bales including 5,12,203 reaching ginneries in Sanghar district alone.
Arrivals in Baluchistan were recorded at 26,100 bales. Out of the total arrivals, seed cotton converted into bales was recorded at 10,34,675 bales.
Exporters/traders bought 400 cotton bales while textile sector bought total 10,06,517 bales. Trading Corporation of Pakistan (TCP) has not yet started procuring cotton in 2024,25, says the report. As many as 68511 unsold bales stock was present.
Total 296 ginning factories were operational in the country. He also told that the rate of cotton in Sindh is in between Rs 17,800 to Rs 18,000 per maund. The rate of Phutti in Sindh is in between Rs 6,500 to Rs 8,000 per 40 kg.
The rate of cotton in Punjab is in between Rs 18,200 to Rs 18,600 per maund. The rate of Phutti in Punjab is in between Rs 6,700 to Rs 8,100 per 40 kg.
The rate of cotton in Balochistan is in between Rs 17,500 to Rs 17,900 per maund. The rate of Phutti in Balochistan is in between Rs 6,700 to Rs 8,200 per 40 kg.
Around, 1000 bales of Tando Adam were sold at Rs 18,000 per maund, 1600 bales of Sanghar were sold at Rs 17,800 per maund, 600 bales of Shahdad Pur were sold at Rs 17,700 to Rs 17,800 per maund, 1100 bales of Nawabshah were sold at Rs 18,000 per maund, 700 bales of Vehari were sold at Rs 18,200 to Rs 18,400 per maund.
The Spot Rate Committee of the Karachi Cotton Association on Monday increased the spot rate by Rs 300 per maund and closed it at Rs 17,800 per maund. The rate of Polyester Fiber decreased by Rs 3 and was available at Rs 362 per kg.
Copyright Business Recorder, 2024