The Karachi Cotton Association’s Spot Rate Committee raised the spot rate by Rs 200 per maund on Wednesday and closed it at Rs 13800 per maund.
The Karachi Cotton Association’s Spot Rate Committee raised the spot rate by Rs 200 per maund on Wednesday and closed it at Rs 13800 per maund. Polyester Fiber was priced at Rs 225 per kilogramme.
After the reports of cotton crop damage in India, China started to buy cotton from America. The rate of cotton in Sindh is between Rs 1300 to Rs 14300 per maund and the rate of Cotton in Punjab is between Rs 13800 and Rs 14000 per Maund. The local cotton market on Wednesday remained bullish and trading volume remained satisfactory. Bales of Khair Pur were sold at Rs 13600 to Rs 14000 per maund, and 400 bales of Sanghar at Rs 12500 to Rs 13400 each. Futures market volume fell by 29,652 to 40,308 lots.
The cotton contract for December climbed 2.02 cents, or 2.1%, to 100.07 cents per lb, by 1:39 p.m. EDT.
The rate of the new crop of Phutti in Sindh was in between Rs 4800 to Rs 6000 per 40 Kg and Rs 5500-6100 per maund. The rate of cotton in Balochistan is between Rs 13800-14000 per metre and Rs 6000-7200 per metre. Bales of Mando Dhero, 400 bales of Mir Pur Mathelo and 800 bales of Pano Aqil were sold at Rs 14000 per meter. ICE cotton futures advanced as much as 3.6% on Tuesday to breach the $1-mark for the first time in nearly a decade.
