RECORDER REPORT

KARACHI: The local cotton market on Wednesday witnessed a bullish trend as buyers and textile mills took extraordinary interest in the buying of old cotton.

Market sources told that textile mills and exporters were taking interest in the buying of both old and new stock of cotton.

Cotton Analyst Naseem Usman told that 300 bales of old cotton from Shahdadpur were sold at Rs5200 per maund, 600 bales of Daur were sold at Rs6600 per maund, 1600 bales of Salehpat were sold at Rs7000 per maund, 1100 bales of Mirpur Mathelo were sold at Rs7700 per maund, 600 bales of Rahim Yar Khan were sold at Rs7950, 1800 bales of Alipur and 500 bales of Pul Bukhari were sold at Rs8500 per maund. While 200 bales of Jalalpur were sold at Rs7800 and 400 bales of Jatoi were sold at Rs8550.

Naseem said that Federal Board of Revenue (FBR)’s Anomaly Committes are expected to submit their reports to the Advisor to Prime Minister on Finance Abdul Hafeez Shaikh on Wednesday for removal of technical and legal anomalies in the Finance Bill, 2020.

He also said that chairman Pakistan Apparel Forum Muhammad Javed Bilwani in a statement urged that National Assembly Standing Committee on Finance to invite the stakeholders during the review of the Finance Bill, 2020, to have a real picture of the sales tax regime, governing export sectors specifically the sales tax refund payments viz-a-Viz the Federal Board of Revenue (FBR) claim of payment in 72 hours.

Meanwhile All Pakistan Textile Mills Association in its letter written to Advisor to Prime Minister on Commerce, Textile and Investment claimed that textile exports can reach 3 billion dollars if the government will provide them energy on competitive rates, decrease the rate of tax and refunds should be released timely.

Naseem also said that office bearers of Pakistan Cotton Ginners Association were continuously in touch with the officials of finance ministry, members of National Assembly and Senate in Islamabad and requesting them to provide a comprehensive policy for the promotion of cotton and the failure to provide relief to cotton growers, ginning industry and oil mills in the budget is the cause of the destruction of cotton.

He further said that it is expected that rains will start from June 23 and it will continue till July 2. The rains will be good for the cotton crop.

Naseem Usman also said that rate of new cotton of Sindh and Punjab is in between Rs8300 to Rs8350 per maund. The rate of old cotton is in between Rs7700 to Rs8500 per maund.

He told that Phutti of Sindh was sold in between Rs4000 to Rs4350 per 40 kg. The rate of Phutti in Punjab is Rs4500 per 40 kg.

The rate of Banola is Sindh was in between Rs1900 to Rs2000 while the price of Banola in Punjab was in between Rs2100 to Rs2200.

He also said that Spot Rate remained unchanged at Rs8000 per maund. The polyester fiber was available at Rs155 per kg.

Markets.Cotton & Textile

Cotton Spot Rates

RECORDER REPORT

KARACHI: Official KCA spot rates for local dealings in Pakistan rupees on Wednesday (June 24, 2020).

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The KCA Official Spot Rate for Local Dealings in Pakistan Rupees

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FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"

MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL

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Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference

For Price Ex-Karachi Ex. KHI. As Ex-Karachi

on 23-06-2020

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37.324 kg 8,000 175 8,175 8,175 NIL

Equivalent

40 kgs 8,574 188 8,762 8,762 NIL

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