PAKISTAN COTTON MARKET UPDATE
Volume of business improves as falling prices attract buyers
The Spot Rate Committee of the Karachi Cotton Association (KCA) on Tuesday decreased the spot rate by Rs 300 per maund and closed it at Rs 18300 per maund. The local cotton market remained bearish and the trading volume remained satisfactory.
Cotton Analyst Nasseem Usman while talking to Business Recorder said that price of Punjab’s Phutti attracted per 40 kilograms prices from Rs 6000 to Rs 8000. Cotton of Sindh was traded from Rs 15000 to Rs 19000 per maund, Punjab’s cotton was traded from Rs 16000 to Rs 18500 per maund.
He told that 1400 bales of Ahmed Pur East, 2000 bales of Burewala, 2000 bales of Lodhran, 1000 bales of Jalal Pur were sold at Rs 18250 per maund, 800 bales of Yazman Mandi were sold at Rs 17200 per maund, 1200 bales of Fort Abbas were sold at Rs 17300 to Rs 17750 per maund, 200 bales of Vehari were sold at Rs 16800 per maund, 200 bales of Hasil Pur were sold at Rs 16600 per maund and 200 bales of Dunya Pur were sold at Rs 16300 per maund.
He also told that the rate of quality cotton in the local cotton market reached at all-time high of Rs 20,000 per maund after increasing by Rs 1000 per maund.
The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 300 per maund and closed it at Rs 18300 per maund. The price of Polyester Fiber was increased by Rs 5 per kg and was available at Rs 257 per kg.
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