LAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Monday cut the spot rate by Rs 700 per maund to close at Rs 20,300 per maund. The local cotton market was easy and the volume of business was satisfactory.
Cotton analyst Naseem Usman said that the price of new crop cotton in Sindh is Rs 19,800 to Rs 20,200 per maund. The rate of footy in Sindh is between Rs 9,000 to Rs 9,800 per 40 kg. The price of cotton in Punjab is between Rs 20,500 to Rs 21,000 per maund and the price of cotton in Punjab is between Rs 9,000 to Rs 10,000 per 40 kg. The rate of cotton in Balochistan is between Rs 20,000 to Rs 20,400 per maund while the rate of footi is between Rs 9,000 to Rs 11,000 per 40 kg.
By August 31, 2023 three million (30,41,104) bales worth of seed cotton (feet) has reached ginning factories across Pakistan.
According to the fortnightly report of the Pakistan Cotton Ginners Association (PCGA) released to the media on Sunday, ginning factories in Punjab recorded cotton inflows of 10,68796 bales, while ginnery in Sindh recorded inflows of (19,72,308) bales. Gayi, comprising 11,84,243 bales. Alone reaching Ginnery in Sanghar district. In Balochistan, 70,600 bales were recorded.
Of the total inflow, seed cotton converted into bales was recorded at 2.8 million (28,61,106) bales.
Exporters have purchased a total of 168,726 bales of cotton, while textile mills have purchased a total of over 2.6 million (26,15,271) bales. According to the report, the Trading Corporation of Pakistan (TCP) has not yet started procurement of cotton. There was a stock of 2,57,107 unsold cotton bales. A total of 528 ginning factories were operating in the country. 1000 bales of Tando Adam were sold between Rs 19,650 to Rs 20,000 per maund, 400 bales of Layya at Rs 21,000 per maund, 600 bales of Rajanpur, 200 bales of Mongi Bangla, 400 bales of Gojra and 200 bales of Haasil. Pur was sold at the rate of Rs 20,500 per head.
The spot rate committee of the Karachi Cotton Association reduced the spot rate by Rs 700 per maund and closed it at Rs 20,300 per maund. Polyester fiber was hiked by Rs 5 and was available at Rs 378 per kg.
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