KARACHI: Business on local cotton market remained stable on Saturday however trading activities were affected due to rains in cotton belt of Sindh and Punjab Market sources told that quality of Phutti as well as supply of the Phutti was affected due to the monsoon rains. Picking may also be affected due to rains. Sources also told that the sowing area of cotton has decreased by 20 percent. The major reason for the decrease in the production of cotton is non-availability of good quality seeds and failure of concerned departments to control pest pressure.
Cotton Analyst Naseem Usman told that in a meeting with Prime Minister Imran Khan and chief minister Punjab Usman Buzdar President Federation of Pakistan Chambers of Commerce and Industry Mian Anjum Nisar discuss various problems faced by the industry. During the meeting Chief Minister Usman Buzdar told that Government of Punjab are in process of signing JV with Monsanto for BT cotton.
Mean while Federal Minister for National Food Security Syed Fakhar Imam said that still there is a threat of Locust attack from India. Advisor to Prime Minister on Commerce and Investement Abdul Razak Dawood in its tweet said that exporters have always been wanting that their refunds go directly in their accounts. "I am pleased to announce that effective from 1st of September 2020, the SBP will be crediting the Duty Draw backs directly in to the bank accounts of the exporters".
Naseem Usman told that 800 bales of Tando Adam were sold at Rs 8250, 200 bales of Sanghar were sold in between Rs 8200 to Rs 8225, 300 bales of Mian Channu were sold at Rs 8550, 200 bales of Vehari were sold at Rs 8500, 400 bales of Haroonabad and 200 bales of Chishtian were sold at Rs 8500 per maund.
He told that the rate of cotton in Sindh is in between Rs 8250 to Rs 8300. The rate of cotton in Punjab is in between Rs 8450 to Rs 8500. He also told that Phutti of Sindh was sold in between Rs 3500 to Rs 3700 per 40 kg. The rate of Phutti in Punjab is in between Rs 3700 to Rs 4000 per 40 kg.
The rate of Banola in Sindh was in between Rs 1450 to Rs 1500 while the price of Banola in Punjab was in between Rs 1500 to Rs 1550. The Spot Rate remained unchanged at Rs 8250 per maund. The polyester fiber was available at Rs 155 per kg.
Copyright Business Recorder, 2020
Comments
Comments are closed.