Spot rate maintains last level

LAHORE: The market remained dull on Friday. The trading volume remained low. Cotton Analyst Naseem Usman told that the rate of cotton in Punjab and Sindh is in between Rs 18000 to Rs 21,000 per maund

He further said that if water will be available to the cotton crop then the crop will be good in the coming season. Considering the cost of production and expected international price scenarios of future markets, Ministry of National Food Security and Research has proposed to revise intervention price of seed cotton (Phutti) to Rs 6,000 per 40 kg for crop season 2022-23.

The proposal also aimed at reviving cotton production in the country, bring stability in domestic market and ensure fair return to the farmers for their produces, said an senior official in the Ministry of National Food Security and Research.

Talking to APP here on Wednesday, he said that the ministry has also proposed for constituting a Cotton Price Review Committee (CPRC) with mandate to review market prices and propose intervention at fortnightly bases.

He said that the proposals would be submitted in the meeting of Economic Coordination Committee (ECC) of Cabinet for approval that would help to develop and promote declining major cash crop for achieving sustainable agriculture development and prosperity of the farming communities across the crop sowing areas in the country.

The Spot Rate remained unchanged at Rs 21000 per maund. Polyester Fiber was available at Rs 292 per kg.

Copyright Business Recorder, 2022