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KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Thursday has decreased the spot rate by Rs 100 per maund and closed it at Rs 8550 per maund. Market sources told that the local Cotton market remained bearish. Sources said that trading activity is improving after the rains as the supply of Phutti is improving.

The millers started importing cotton from abroad because of the high prices of the local cotton. Picking was also affected due to rains. Cotton Analyst Naseem Usman told that the industrialists have said that the country will suffer irreparable losses if the government fails to persuade the Sui Southern Gas Company (SSGC) to maintain full gas pressure in all the industrial estates of the city.

The industrial units in all the seven industrial estates of the city had been continuously suffering from huge production losses due to the frequent drop in gas pressure due to which the industrial units operating on gas or generating power from gas had either stopped operating altogether or they were working under capacity.

They criticized the government for what they said "its failure to manage the ongoing gas crisis", warning the government that the industries could not be run under the present circumstances.

Ismail Suttar, president of the Lasbela Chamber of Commerce and Industry (LCCI), has urged the federal government to take the matter up with the SSGC management to have it urgently resolved by taking all the important direct beneficiaries into confidence.

Meanwhile, ICE cotton futures rebounded from a near-three-week low hit earlier on Wednesday, supported by a weaker dollar and some mill fixations, ahead of a monthly supply-demand report this week. Cotton contracts for December settled up 0.18 cent, or 0.3%, at 64.2 cents per lb, after hitting their lowest since Aug. 20 at 63.40.

"There is a very large volume of on-call purchases made by on-call spinners, that'd mean cotton that has been purchased that has not been fixed yet. And that is providing a lot of support," said Ed Jernigan, chief executive of Jernigan Global, a cotton textile supply chain manager.

On Tuesday, cotton prices slipped on a stronger dollar and concerns over US-China trade relations. Director Multan Cotton Research Institute Dr Zahid Mahmood in his message to the farmers said that the 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.

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.

He also told that 1200 bales of Shahdadpur were sold at Rs 7900 to Rs 8200, 1000 bales of Tando Adam were sold at Rs 8100 to Rs 8200, 400 bales of Hyderabad were sold at Rs 8000 to Rs 8200, 1400 bales of Sanghar were sold in between Rs 7900 to Rs 8000, 200 bales of Jam Sahib were sold at Rs 8200, 1400 bales of Chichawatni were sold at Rs 8550 to Rs 8650, 1200 bales of Haroonabad were sold at Rs 8550 to Rs 8650, 400 bales of Faqeerwali, 400 bales of Bahawalpur, 200 bales of Khairpur Thamewal were sold at Rs 8600, 600 bales of Mian Channu were sold at Rs 8600 to Rs 8650, 400 bales of Mongi Bangla were sold at Rs 8550 and 200 bales of Toba Tek Singh were sold at Rs 8650.

He also told that rate of cotton in Sindh was in between Rs 7800 to Rs 8100. The rate of cotton in Punjab is in between Rs 8400 to Rs 8600. He also told that Phutti of Sindh was sold in between Rs 3000 to Rs 3800 per 40 kg. The rate of Phutti in Punjab is in between Rs 3300 to Rs 4100 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 Spot Rate Committee of the Karachi Cotton Association on Thursday has decreased the spot rate by Rs 100 per maund and closed it at Rs 8550 per maund. The polyester fiber was available at Rs 153 per kg.

Copyright Business Recorder, 2020