*PAKISTAN COTTON MARKET UPDATE*
*Spot rate gains Rs 400 per maund at Rs 14,300*
*The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 400 per maund and closed it at Rs 14300 per maund.*
*The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 400 per maund and closed it at Rs 14300 per maund. The Spot Rate remained unchanged at Rs 13900 per maund.* *The Polyester Fibre was available at Rs 225 per kg. The local cotton market on Wednesday remained bullish and trading volume remained good.*
*Chairman Karachi Brokers Forum Naseem Usman told Business Recorder that rate of cotton in local cotton market reached at Rs 15500 per maund which is at highest level in ten years. Textile mills were in shock due to the sky rocketing rates of cotton.*
*Naseem Usman also told that Rate of Promise (Waday Ka Bhao) of New York Cotton once again traded at more than one dollar. The rate of cotton in the morning opened at 113.92 American cent.*
*Usman says increasing disparity among dollar and rupee, recent spell of rains in Punjab’s cotton belt, reports of white-fly, mealybug and pink bollworm attacks as well as unavailability of latest reliable data about the crop size are adding to the worries of the local buyers. The rate of cotton in Sindh is in between Rs 12500 to Rs 15000 per maund and the rate of cotton in Punjab is in between Rs 14300 to Rs 15000 per maund.*
*The rate of the new crop of Phutti in Sindh was in between Rs 5000 to Rs 6200 per 40 kg. The rate of Phutti in Punjab is in between Rs 5800 to Rs 6500 per 40 kg. The rate of Banola in Sindh is in between Rs 1600 to Rs 1900 per maund. The rate of Banola in Punjab is in between Rs 1700 to Rs 2000 per maund. The rate of cotton in Balochistan is in between Rs 14200- 14800 per maund. The rate of Phutti in Balochistan is Rs 5800-7200 per maund.*
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