PAKISTAN COTTON MARKET UPDATE
Official spot rate recovers slightly
The Spot Rate Committee of the Karachi Cotton Association on Monday increased the spot rate by Rs 100 per maund and closed it at Rs 13200 per maund.
The local cotton market remained stable and the volume remained satisfactory.
The Spot Rate Committee of the Karachi Cotton Association on Monday increased the spot rate by Rs 100 per maund and closed it at Rs 13200 per maund. The Polyester Fiber was available at Rs 222 per kg.
Cotton Analyst Naseem Usman told Business Recorder that the reason behind downward trend in the rate of cotton is rains in the cotton growing areas of Sindh and Punjab due which the supply of Phutti was effected. Second reason is the arrival of imported cotton and liquidity crunch.
The rate of cotton in Sindh is in between Rs 12300 to Rs 13400 per maund and the rate of cotton in Punjab is in between Rs 13300 to Rs 13500 per maund.
The rate of the new crop of Phutti in Sindh was in between Rs 4500 to Rs 5800 per 40 kg. The rate of Phutti in Punjab is in between Rs 5300 to Rs 5800 per 40 kg. The rate of Banola in Sindh is in between Rs 1450 to Rs 1800 per maund.
The rate of Banola in Punjab is in between Rs 1650 to Rs 1800 per maund. The rate of cotton in Balochistan is in between Rs 13100- 13200 per maund. The rate of Phutti in Balochistan is Rs 6000- 6600 per maund.
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