Rates firm amid improved business activity
RECORDER REPORT
LAHORE: The Spot Rate remained unchanged. The local cotton market on Thursday remained steady and the trading volume remained low.
Cotton analyst Naseem Usman while talking to Business Recorder said that according to the fortnightly report issued by Pakistan Cotton Ginners Association on Monday 7.35 million bales arrived as compared to the last years production of 5.37 million bales during this period.
He also told that cotton will not be available in the month of February. New crop of cotton will arrive in June. He also said that prices of cotton and cotton-related products like yarn and Banola increased by 60 % during 2021.
He also told that the price of Punjab’s Phutti attracted per 40 kilograms prices from Rs 6000 to Rs 8000.
Cotton of Sindh was traded from Rs 15000 to Rs 19000 per maund, Punjab’s cotton was traded from Rs 16000 to Rs 18500 per maund.
He told that 400 bales of Karondi were sold at Rs 16900 per maund, 600 bales of Saleh Pat were sold at Rs 16800 per maund, 1600 bales of Rohri were sold at Rs 17000 per maund, 400 bales of Ghotki were sold at Rs 19000 per maund, 1000 bales of Fort Abbas were sold at Rs 16900 per maund, 400 bales of Marrot were sold at Rs 17100 per maund, 200 bales of Dharan Wala were sold at Rs 17300 per maund, 400 bales of Ghazi Pur were sold at Rs 18300 per maund, 2000 bales of Sadiqabad and 1400 bales of Rahim Yar Khan were sold at Rs 18500 per maund.
The Spot Rate remained unchanged at Rs 18300 per maund. The Polyester Fiber was available at Rs 252 per kg.
ICE cotton futures were little changed on Wednesday, consolidating after hitting a 1-1/2 month high in the previous session, as investors awaited the US Department of Agriculture’s (USDA) weekly export sales report.
The cotton contract for March was down 0.14 cents, or 0.1%, at 116.25 cents per lb by 11:28 am ET (1628 GMT). It traded within a range of 115.51 and 117.66 cents a lb.
Cotton prices rose more than 3% on Tuesday, supported by strong demand outlook and upbeat sentiment across wider financial and commodity markets.
Total futures market volume fell by 17,517 to 13,357 lots. Data showed total open interest gained 2,159 to 243,395 contracts in the previous session.
