LAHORE: The spot rate committee of the Karachi Cotton Association on Wednesday reduced the spot rate by Rs 600 per head and closed it at Rs 19,000 per head.
The local cotton market remained subdued and the volume of business was satisfactory.
Cotton analyst Naseem Usman said that the rate of new crop of cotton in Sindh is between Rs 18,500 to Rs 18,800 per head. The rate of footi in Sindh is between Rs 7,200 to Rs 8,000 per 40 kg. The rate of cotton in Punjab is between Rs 18,800 to Rs 19,900 per head and the rate of foot is between Rs 7,800 to Rs 8,500 per 40 kg.
4200 bales of Tando Adam were sold at Rs.18,600 to 19,400 per head, 1000 bales of Shahdadpur at Rs.18,800 to 19,000 per head, 1400 bales of Sanghar at Rs.18,900 to 19,000 per head, 400 bales of Shah were sold. Pur Chakar was sold for Rs.18,900 to 19,000 per head, Khanewal for Rs.19,500 to 19,600 per head for 300 bales, Sakran for Rs.19,300 per head for 200 bales.
The Spot Rate Committee of the Karachi Cotton Association reduced the spot rate by Rs 600 per head and closed it at Rs 19,000 per head. Polyester fiber was available at Rs 355 per kg.
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