KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Tuesday has increased the spot rate by Rs 50 per maund and closed it at Rs 8600 per maund. Local cotton market remained bullish. Market sources told that after the rains the supply of Phutti is improving.
Sources also told that issue of availability of quality Phutti arises in the market due to which buyers were not taking interest. The availability of quality is difficult before October. The millers have started imported cotton from abroad because of the high prices of the local cotton. Picking was also affected due to rains.
A former chairman of the Standing Committee on Agriculture of the FPCCI and Businessmen Panel Secretary-General (Federal) Chaudhry Ahmad Jawad has asked the government to offer special tariff concessions and give policy on the import of quality seeds suitable to our soil conditions until the PARC and the NARC becomes self-sufficient in the production of seeds.
Apart from this, he demanded of the government to direct the ZTBL to start providing finances to agro-based industries on special rates in order to give a push to value addition as well as agricultural exports of the country.
He urged the ZTBL to initiate lending on value addition for the revival of the agro-industry.
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.
Meanwhile ICE cotton futures rose as much as 3.2% to a more than 6 month high on Monday as Hurricane Sally raised concerns of crop damage, while a lower out put estimates from a federal report further supported the natural fiber.
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 1400 bales of Tando Adam were sold in between Rs 8200 to Rs 8300, 800 bales of Shahdadpur were sold in between Rs 8000 to Rs 8100, 1200 bales of Sanghar were sold in between Rs 8000 to Rs 8200, 400 bales of Moro were sold in between Rs 8250 to Rs 8300, 1400 bales of Nawabshah were sold in between Rs 8250 to Rs 8300, 200 bales of Gupchani were sold at Rs 8200, 1200 bales of Haroonabad were sold at Rs 8700 to Rs 8800, 400 bales of Chichawatni were sold in between Rs 8800 to Rs 8850, 400 bales of Kabeerwala were sold at Rs 8700, 600 bales of Burewala were sold in between Rs 8550 to Rs 8650, 100 bales of Jhang were sold at Rs 8500, 1000 bales of Vehari were sold at Rs 8000 to Rs 8650 and 200 bales of Hasilpur were sold at Rs 8000.
He also told that rate of cotton in Sindh was in between Rs 8100 to Rs 8400.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 3300 to Rs 4400 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 Sindh is in between Rs 8400 to Rs 8500 while the rate of Phutti is in between Rs 4600 to Rs 4900.
The Spot Rate Committee of the Karachi Cotton Association on Tuesday has increased the spot rate by Rs 50 per maund and closed it at Rs 8600 per maund. The polyester fiber was available at Rs 153 per kg.
Copyright Business Recorder, 2020