KARACHI: Local cotton market remained stable on Friday. Market sources told that 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. The recent rains in Sindh and other parts of the country are good for cotton crop.
Cotton Analyst Naseem Usman told that Pakistan textiles and clothing exports posted a negative growth of over six percent to 12.526 billion in the fiscal year 2019-20 as compared to 13.3 billion in the corresponding period of 2018-19.
According to the data released by Pakistan Bureau of Statistics (PBS) ready made garments exports dipped 3.81 percent in value and 10.07 percent in quantity during July-June FY 2020, while those of knitwear dropped 3.64 percent in value and 10.11 percent in quantity.
Naseem also told that cotton crop sowing in the country during current season 2020-21 decreased by 1.3 per cent 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 200 bales of Noabad were sold at Rs 8350, 400 bales of Mirpurkhas were sold at Rs 8350, 400 bales of Hyderabad were sold at Rs 8350, 1000 bales of Shahdadpur were sold in between Rs 8350 to Rs 8375, 1000 bales of Tando Adam were sold at Rs 8350 to Rs 8400, 1400 bales of Sanghar were sold in between Rs 8350 to Rs 8375 and 200 bales of Khadro were sold at Rs 8375.
Naseem Usman also said that rate of new cotton of Sindh is in between Rs 8350 to Rs 8400 per maund while in Punjab the rate of new cotton is in between Rs 8550 to Rs 8650 per maund.
He told that Phutti of Sindh was sold in between Rs 3700 to Rs 4000 per 40 kg. The rate of Phutti in Punjab is in between Rs 3700 to Rs 4300 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 1700 to Rs 1750. The spot rate remained unchanged at Rs 8400 per maund. The polyester fiber was available at Rs 157 per kg.
Copyright Business Recorder, 2020
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