KARACHI: No trading activity was witnessed in the Karachi cotton market due to rains on Monday. Market sources told that almost no trading activity was witnessed in the markets of Punjab also.
Sources also told that quality and supply of Phutti was affected due to the monsoon rains. Picking was also affected due to rains.
Cotton Analyst Naseem Usman told that already feeling the pinch of food insecurity due to COVID-19, the agricultural economy of Sindh is additionally suffering from flood which has damaged standing crops in most parts of the province, especially Karachi, Thatta, Sujawal, Badin, Mirpurkhas, Thar, Umarkot, Sanghar, Tando Allahyar, Tando Muhammad Khan, Matiari, Dadu, Hyderabad, Jamshoro and Larkana.
Representatives of various farmers said that the recent monsoon spell had caused huge loss to the Kharif crops, especially cotton, chili, onions and some other vegetables.
Almost 80 to 90 percent of the cotton crop and 90 to 95 percent of vegetable crops, i.e. chili and onions, have been destroyed completely.
Naseem also told that as per media reports Sindh farmers have lost nearly half-a-million bales of cotton ever since the monsoon season began and pest attacks intensified following the humid weather.
"Growers in Mirpurkhas, Sanghar, Umerkot, Khipro etc have lost nearly 400,000-500,000 bales of cotton in the ongoing month, and whatever crop has survived the downpour is of low quality and will sell at below market rates," said Pakistan Cotton Ginners Association's former chairman Dr Jessu Mal Leemani.
"Rains have caused enormous losses to farmers in these districts as there is no concept of crop insurance and the government has yet not announced any financial help for them," he deplored.
Naseem Usman told that 200 bales of Bahawalpur were sold at Rs 9100 per maund.
He also told that rate of cotton in Sindh was in between Rs 8700 to Rs 8800.The rate of cotton in Punjab is in between Rs 9000 to Rs 9100. He also told that Phutti of Sindh was sold in between Rs 3700 to Rs 4100 per 40 kg. The rate of Phutti in Punjab is in between Rs 3700 to Rs 4200 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 1800.
The Spot Rate remained unchanged at Rs 8600 per maund. The polyester fiber was available at Rs 153 per kg.
Copyright Business Recorder, 2020
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