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KARACHI: Local cotton market remained bearish on Tuesday. Sources in the market said that trading activity is improving after the rains as the supply of Phutti is improving. The millers started imported cotton from abroad because of the high prices of the local cotton. Picking was also affected due to rains.

Director Multan Cotton Research Institute Dr Zahid Mahmood in his message to the farmers said that next 40 days are very important for the quality and good production of the cotton. He said that there is a threat of attack of insects on the cotton crop.

Cotton Analyst Naseem Usman told that President of SITE Association of Industry Suleman Chawla has demanded the government to immediately withdraw the decision of ECC allowing K-Electric a tariff increase in the range of 1.09 to 2.80 rupees per unit.

Opposing the decision of the ECC allowing K-Electric a tariff increase, he said it is irony that instead of providing relief to Karachiites who are suffering from the coronavirus and now due to aftermaths of torrential rains, the government has put further burden on them by allowing K-Electric an increase in its tariff.

It is quite surprising as the business community was expecting a cut in power & gas tariffs to restore industrial production activities in the wake of corona pandemic, which is not in 100 percent control as yet, Chawla said and added that allowing K-Electric an increase in its tariff clearly shows how much 'serious' federal government is towards resolving issues of the mega city.

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.

He also told that 400 bales of Sanghar were sold at Rs 8300 to Rs 8500, 1600 bales of Tando Adam were sold at Rs 8500 to Rs 8650, 800 bales of Shahdadpur were sold at Rs 8300 to Rs 8500, 600 bales of Layyah were sold at Rs 8875 to Rs 9050, 300 bales of Burewala were sold at Rs 8850 to Rs 9000, 800 bales of Chichawatni were sold at Rs 8950 to Rs 9000, 100 bales of Sahiwal were sold at Rs 9000, 200 bales of Haroonabad were sold at Rs 8900, 400 bales of Vehari were Rs 8900, 200 bales of Hasilpur were sold at Rs 8900, 200 bales of Gojra were sold at Rs 8750 and 200 bales of Mongi Bangla were sold at Rs 8750.

He also told that rate of cotton in Sindh was in between Rs 8200 to Rs 8500.The rate of cotton in Punjab is in between Rs 8700 to Rs 8900. He also told that Phutti of Sindh was sold in between Rs 3200 to Rs 4000 per 40 kg. The rate of Phutti in Punjab is in between Rs 3600 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 8800 per maund. The polyester fiber was available at Rs 153 per kg.

Copyright Business Recorder, 2020