LAHORE: The Karachi Cotton Association (KCA) on Thursday kept the cotton spot rate unchanged at Rs 17,935 per maund for the second day in a row on Thursday as trade remained steady and volumes satisfactory.
Talking about cotton trading analyst Naseem Usman said that the rates of cotton and footy from Sindh, Punjab and Balochistan have also remained almost the same.
He said that till now the total arrival is about 1428 lakh bales. He was happy to note that the rainwater did not cause any significant damage to the cotton crop and that Pakistan would be able to produce more than 10 million bales if there were no floods or heavy rains.
He said that at present the biggest issue is the moisture in the cotton crop and the millers have to compromise with it as it is a natural phenomenon. He said that all the parameters of the cotton crop are good and it is expected that the quality will improve with each passing day. He said there is no reason to see a slowdown as there will be political pressure to support price of Rs 8,500 per head, due to which the quality market will remain around Rs 17,500 to 18,500 per head.
Naseem Usman also cited a statement by Dr Zahid Mehmood, Cotton Commissioner, Ministry of National Food Security and Research, that Pakistan will achieve the target of 12.65 million bales this year as the weather is favorable for cotton.
Meanwhile, Mirpur Khas 200 bales was traded at Rs 17,600 per head, Rohri 200 bales at Rs 17,875 per head, Daur 200 bales at Rs 17,800 per head and Sarhari 200 bales at Rs 17,850 per head. knots.
While 2800 bales from Tando Adam, 2200 bales from Shahdadpur and 2000 bales from Sanghar were priced at Rs 17,600 to Rs 17,700 per head. 800 bales were traded at Rs.18,500 per head from Ahmedpur East.
From Punjab, Chichavatni in 2600 bales was traded at Rs.17,900-18,300 per head and Mamo Kanjan in 600 bales and Miyan Chunnu in 500 bales at Rs.18,100-18,200 per head. From Vehari, 800 bales traded at Rs.18,250 to Rs.18,300 per head. 200 bales from Mongi Bangla and 200 bales from Murid Wala were traded at Rs.18,150 per head and another 400 bales from Sumandari at Rs.17,900 per head.
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