Cotton prices depict more strength

KARACHI: Spot rate on Tuesday was increased by Rs 100 per maund by the spot rate committee of the Karachi Cotton Association (KCA) pushing it to Rs 15,300 per maund from Monday’s rate of Rs 15,200 per maund. The local cotton market continued experiencing bullish trend and trading volume remained satisfactory, said Cotton Analyst Naseem Usman while talking to Business Recorder today.

Nevertheless, rate of polyester fibre remained unchanged at Rs 247 per kilogram, he added. The rate of cotton in Sindh remained between Rs 14,400 to Rs 15,500 per maund and the rate of cotton in Punjab was registered at Rs 14,000 to Rs 15,500 per maund. The rate of the new crop of Phutti in Sindh was remained between Rs 4,500 to Rs 6,300 per 40 kg. While Phutti prices in Punjab were between Rs 5,800 to Rs 7,300 per 40 kg.

Similarly, prices of cotton in Balochistan were remained at Rs 13,800 to 15,500 per maund while Phutti prices were high as compared to other two provinces which were Rs 6,200 to 7,800 per maund, said Naseem Usman.

The rate of Banola in Sindh was between Rs 1,400 to Rs 1,700 per maund. While in Punjab rates of Banola were between Rs 1,650 to Rs 2,000 per 40 kilograms. The rate of Banola in Balochistan today was Rs 16,000 to 2,000 per maund.

As per domestic transaction figures, 800 bales of Ghotki were sold at Rs 15,550 per maund, 200 bales each of Khan Pur Mehar and Mir Pur Mathelo also fetched Rs 15,500 per maund, 600 bales of Saleh Pat from Rs 14,800 to 15,000 per maund, 1200 bales of Khairpur from Rs 14,500 to 14,600 per maund, 1600 bales of Rohri from Rs 14,300 to Rs 14,800 per maund, 400 bales of Sarhad fetched Rs 13,000 per maund, 200 bales of Bago Bahar were sold at Rs 15,700 per maund, 400 bales of Khan Pur Mehar at Rs 15,700, 600 bales of Mianwali at Rs 15,500, 600 bales of marrot at Rs 15,500, 400 bales of Fort Abbas at Rs 15,200, 600 bales of Sadiqabad at Rs 15,500, 800 bales of Rahim Yar Khan at Rs 15, 500, 200 bales each of Khanewal and Lodhran at Rs 15, 500, 1400 bales of Haroonabad at 15,200-15,500, 200 bales of Donga Bonga at 15,200-15,500, 800 bales of Faqeer Wali Rs 15, 200, 400 bales of Ahmad Pur East 15, 200, 200 bales of Dharam Wala at Rs 15, 200, 4800 bales of Yazman Mandi at Rs 15, 200, 400 bales of Noor Pur Noranga at Rs 15,000, 400 bales of Layyah at Rs 14,900, 600 bales of Hasil Pur at Rs 14,700-15,200, 200 bales of Vehari at Rs 14, 200, 200 bales of Chichawatni were sold at Rs 14,000 per maund and 400 bales of Bahawalpur were sold at Rs 15, 200 per maund.

Meanwhile, Pakistan Yarn Merchants Association (PYMA) has expressed serious concerns over the sharp increase in the petroleum prices and appealed to the Prime Minister Imran Khan for making a significant reduction in the prices of petroleum products.

PYMA Central Chairman Saqib Naseem and Vice Chairman Sindh & Balochistan Region Muhammad Junaid Teli pleaded that the reduction in petroleum prices should be made in the larger interest of economic, industrial and public interest of the country, so that the business and industry can survive in Covid-ridden economy.

They said that despite the dire economic situation caused by the Covid-19 pandemic, the sharp rise in prices of petroleum products by the government was a matter of grave concern to the business community, as the increase in the prices of petroleum products is not only a sign of a huge increase in inflation but also causes a huge increase in the production cost of business and industry.

They said, “Raw materials for industries in particular, whose prices have already skyrocketed, will now rise to unbearable levels with the government’s recent move, which will destroy industries, especially SMEs, and increase unemployment in the country.”

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