KARACHI: Local cotton market remained stable on Monday. Market sources told that trading activity is improving after the rains as the supply of Phutti is improving. The millers have started imported 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 according to media reports like last year cotton zone is under severe attack of White Fly. Agriculture experts were of the view that if the situation remains like this then it looks difficult that cotton production target will be achieved this year.
He also 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.
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.
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 2000 bales of Tando Adam were sold at Rs 8050 to Rs 8200, 1000 bales of Shahdadpur were sold in between Rs 7800 to Rs 8150, 1200 bales of Sanghar were sold at Rs 7800 to Rs 8250, 400 bales of Moro were sold at Rs 8250, 1200 bales of Nawabshah were sold at Rs 8200 to Rs 8300, 100 bales of Jhang were sold at Rs 8575, 400 bales of Borewala were sold at Rs 8550, 200 bales of Haroonabad, 200 bales of Kabeerwala were sold at Rs 7800.
He also told that rate of cotton in Sindh was in between Rs 7800 to Rs 8400.The rate of cotton in Punjab is in between Rs 8600 to Rs 8800. 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 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 remained unchanged and closed it at Rs 8550 per maund. The polyester fiber was available at Rs 153 per kg.
Copyright Business Recorder, 2020