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KARACHI: The local cotton market remained bullish on Monday. Market sources told that due to the high prices the trading volume remained a little bit low. Buyers were also taking interest in buying of yarn.

Market sources also told that due to the monsoon rains the quality and supply of the Phutti was affected.

Cotton Analyst Naseem Usman told that the condition of cotton crop is not satisfactory in Pakistan because of the non availability of the good quality seed as well as the germination level of the seed is as low as 40 percent.

The Locust attack in some areas of Sindh and Punjab also damaged the crops. The weather conditions were not so favourable so it is early to predict any estimate regarding production of cotton in the country. However, according to the claims of the Punjab government it is expected that 75 lac bales will be produced. According to the claims of Punjab government cotton sowing was completed on 45 lac acers.

It is expected that 35 lac bales will be produced in Sindh while one lac bales will be produced in Balochistan and Khyber Pakhtunkha. It is expected that around 11 million bales will be produced. However, according to the claims of the private sector it is expected that 87 lac bales will be produced.

He also told that Cotton Association of India has raised serious objection over the US Department of Agriculture assessment of India's cotton stock positions alleging a misleading portrayal of India's cotton market in the international market.

Textile exporters are annoyed and distressed in the wake of highest ever liquidity crunch being faced due to the imposition of 17 percent GST whose refunds are excessively delayed by the government without any justification which has caused hurdles in export production.

While central chairman Pakistan Hosiery Manufacturers and Exporters Association Chaudhry Salamat Ali also said that unnecessary delay in release of tax refunds is also causing hurdles in export production.

Meanwhile, Prime Minister Imran Khan visited the National Locust Control Centre and gave in principle approval for the Phase II of the National Action Plan for Locust control in the country after a decision that the affected farmers would be compensated through this package.

Earlier, as per media reports officials warned that next few weeks could be crucial in the fight against desert locust infestation with major swarms expected to be reaching here later this month from the Horn of Africa.

Naseem told that 3000 bales of Tando Adam were sold at Rs 8475 to Rs 8500, 1600 bales of Sanghar were sold at Rs 8425 to Rs 8475, 600 bales of Mirpurkhas were sold at Rs 8425 to Rs 8450, 600 bales of Shahdadpur were sold at Rs 8475, 100 bales of Burewala were sold at Rs 8700, 200 bales of Chichawatni were sold at Rs 8700, 100 bales of Ahmedpur were sold at Rs 8650, 400 bales of Shahpur Chakar were sold at Rs 8475 and 600 bales of Hyderabad were sold in between Rs 8450 to Rs 8475.

Naseem Usman also said that rate of new cotton of Sindh is in between Rs 8450 to Rs 8500 per maund while in Punjab the rate of new cotton is in between Rs 8650 to Rs 8750 per maund.

He told that Phutti of Sindh was sold in between Rs 3400 to Rs 4100 per 40 kg. The rate of Phutti in Punjab is in between Rs 3700 to Rs 4400 per 40 kg.

The rate of Banola in Sindh was in between Rs 1600 to Rs 1650 while the price of Banola in Punjab was in between Rs 1850 to Rs 1950.

The spot rate remained unchanged at Rs 8500 per maund. The polyester fiber was available at Rs 157 per kg.

Copyright Business Recorder, 2020

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