Business remains stable on cotton market

KARACHI: Business on local cotton market remained stable on Thursday.

Market sources told that local market remained stable. Mixed trend was seen in the trading volume. Due to the monsoon rains the quality and supply of the Phutti was also affected. Ginners were buying Phutti according to their needs.

Cotton Analyst Naseem Usman told that cotton crop sowing in the country during current season 2020-21 decreased by 1.3 percent compared to last year. Ministry of National Food Security and National Research Cotton commissioner Khalid Abdullah told media that cotton crop was cultivated on 2.457m hectares against the target of 2.663m hectares. He said that 92 percent of the cotton cultivation target was achieved during the current season. He said that area under cotton cultivation in Punjab was decreased by 2.5 percent as crop was sown over 1.890m hectares against the target of 2.03m hectares.

However, he said that the cotton sowing in Sindh registered 2.7 percent increase as it was cultivated over 0.615m hectares as against last year's 0.599m hectares.

As per media reports in southern Punjab, including Multan, the cotton production may affect due to the attack of White fly on cotton crop.

Naseem told that 1200 bales of Tando Adam were sold at Rs 8350 to Rs 8400, 800 bales of Shahdadpur were sold at Rs 8300 to Rs 8325, 400 bales of Jhole were sold at Rs 8350, 400 bales of Kotri were sold at Rs 8350, 1200 bales of Sanghar were sold at Rs 8325 to Rs 8350, 600 bales of Hyderabad were sold at Rs 8300 to Rs 8350, 1000 bales of Shahpur Chakkar were sold at Rs 8350, 400 bales of Chodagi were sold at Rs 8350, 600 bales of Khanewal were sold at Rs 8750, 500 bales of Chichawatni were sold at Rs 8600 to Rs 8700, 100 bales of Mungi Bangla were sold at Rs 8650, 200 bales of Gojra were sold at Rs 8650, 300 bales of Vehari were sold at Rs 8500 to Rs 8600 and 300 bales of Burewala were sold in between Rs 8550 to Rs 8675.

Naseem Usman also said that rate of new cotton of Sindh is in between Rs 8300 to Rs 8350 per maund while in Punjab the rate of new cotton is in between Rs 8550 to Rs 8600 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 3500 to Rs 4200 per 40 kg.

The rate of Banola in Sindh was in between Rs 1650 to Rs 1750 while the price of Banola in Punjab was in between Rs 1700 to Rs 1800.

The spot rate remained unchanged at Rs 8400 per maund. The polyester fiber was available at Rs 157 per kg.

Copyright Business Recorder, 2020