KARACHI: Bearish trend was witnessed in the local cotton market on Tuesday. Market sources told that bearish trend was witnessed in the local cotton market because the quality of Phutti as well as supply of the Phutti was affected due to the monsoon rains.
Another reason of significant decline in the local cotton market is because downward trend was witnessed in the international market also. Ginners were buying Phutti according to their needs. The picking of cotton was affected due to rains in the different parts of the country. Meanwhile, growers and farmers are fearing a loss in cotton crop owing to expected heavy monsoon rains, high temperature and whitefly attack.
Cotton Analyst Naseem Usman told that ICE cotton futures jumped more than 3% on Monday as excessive rains brought by Hurricane Hanna in Texas, the United States biggest cotton growing region, stoked fears of a damaged crop, while a weaker dollar provided further support.
Meanwhile, minister of agriculture Sindh Ismael Rahu during his visit to Thar desert which was badly hit by the Locust complained that federal government is not helping the provincial government in carrying out spray in eight districts of Sindh which includes Umar Kot, Badin, Mirpurkhas, Sanghar, Khairpur, Sakhar and Ghotki which were badly affected by Locust attack.
Naseem told that 800 bales of Tando Adam is in between Rs 8150 to Rs 8175, 400 bales of Shahdadpur were sold at Rs 8125 to Rs 8175, 400 bales of Sanghar were sold at Rs 8100 to Rs 8150, 200 bales of Moro at Rs 8150, 400 bales of Jam Sahib were sold at Rs 8150, 200 bales of Haroonabad were sold at Rs 8200 and 600 bales of Chichawatni were sold at Rs 8200.
Naseem Usman also said that rate of new cotton of Sindh is in between Rs 8100 to Rs 81500 per maund while in Punjab the rate of new cotton is in between Rs 8250 to Rs 8350 per maund.
He told that Phutti of Sindh was sold in between Rs 3300 to Rs 3800 per 40 kg. The rate of Phutti in Punjab is in between Rs 3200 to Rs 3800 per 40 kg. The rate of Banola in Sindh was in between Rs 1500 to Rs 1550 while the price of Banola in Punjab was in between Rs 1550 to Rs 1650. The spot rate remained unchanged at Rs 8150 per maund. The polyester fiber was available at Rs 157 per kg.
Copyright Business Recorder, 2020