KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Wednesday decreased the spot rate by Rs 50 per maund and closed it at Rs 8100 per maund.
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 Chief Commissioner RTO lll Karachi Dr Amir Ali Khan Talpur during the on line meeting with exporters registered with RTO lll said that all the legitimate pending matters of exporters in hands of Regional Tax Office III will be resolved on priority basis.
Meanwhile, Chairman Standing Committee on imports, convener, yarn trade committee, Federation of Pakistan Chambers of Commerce and Industry and former chairman Pakistan Yarn Merchants Association Khawar Noorani demanded that government should reverse it's decision to impose a 2.5 per cent duty on polyester filament yarn and impose uniform import duties and taxes for commercial and industrial importers so that industries especially SMEs can get cheaper raw materials and to boost domestic exports.
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 8100 to Rs 8125, 600 bales of Shahdadpur, 800 bales of Sanghar, 200 bales of Mirpurkhas, 200 bales of Jam Sahib were sold at Rs 8100. 200 bales of Chichawatni were sold at Rs 8260, 400 bales of Vehari and 200 bales of Khanewal were sold at Rs 8200.
Naseem Usman also said that rate of new cotton of Sindh is in between Rs 8100 to Rs 8150 per maund while in Punjab the rate of new cotton is in between Rs 8200 to Rs 8300 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 Committee of Karachi Cotton Association has decreased the spot rate by Rs 50 per maund and closed it at Rs 8100 per maund. The polyester fiber was available at Rs 157 per kg.
Copyright Business Recorder, 2020
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