KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Tuesday has increased the spot rate by Rs 100 per maund and closed it at Rs 8700 per maund. Trading activity started in the local cotton market after the rains although the trading volume remained low as millers are not taking interest in the buying because of the low quality of cotton due to rains in Sindh and Punjab.
Market sources told that 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 completel
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 1000 bales of Chichawatni were sold at Rs 9000 per maund and 200 bales of Bahawalnagar at Rs 9100 per maund. He also told that rate of cotton in Sindh was in between Rs 8750 to Rs 8800.The rate of cotton in Punjab is in between Rs 9100 to Rs 9150. 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 3800 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 1750 to Rs 1800. The rate of cotton in Balochistan is in between Rs 8750 to Rs 8800. The rate of Phutti in Balochistan is in between Rs 4000 to Rs 4600.
The Spot Rate Committee of the Karachi Cotton Association on Tuesday has increased the spot rate by Rs 100 per maund and closed it at Rs 8700 per maund. The polyester fiber was available at Rs 153 per kg.
Copyright Business Recorder, 2020
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