KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Thursday has increased the spot rate by Rs 100 per maund and closed it at Rs 8700 per maund.
Local cotton market remained bullish. Market sources told that after the rains the supply and quality 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. Cotton Analyst Naseem Usman told that European Union and America boycotts products of Chinese province Sinkiang as a response China hints a decline in American products as a result of which bearish trend was witnessed in New York Cotton. China is accused of involving in forced labour.
Meanwhile, ICE cotton futures edged lower from an over six-month peak hit earlier on Tuesday, after concerns of crop damage due to Hurricane Sally eased a little bit and on some technical selling. Cotton contracts for December settled down 0.18 cent, or 0.3%, at 66.44 cents per lb, after hitting their highest since Feb. 25 at 66.93 cents.
Hurricane Sally is not really a big hurricane as of now and probably not going to impact the cotton-growing regions much, said John Bondurant, a cotton trader. Sally weakened into a Category 1 hurricane on Tuesday as it closed in on the US Gulf Coast, although it threatens historic floods, with more than 2 feet (61 cm) of rain expected in some areas.
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.
Naseem further 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.
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 1000 bales of Shahdadpur wre sold at Rs 8200 to Rs 8300, 1400 bales of Tando Adam were sold at Rs 8250 to Rs 8300, 800 bales of Sanghar were sold at Rs 8150 to Rs 8250, 400 bales of Nawabshah were sold at Rs 8350, 100 bales of Saleh Put were sold at Rs 8550 to RS 8600, 600 bales of Sadiqabad were sold at Rs 8850 to Rs 9000, 200 bales of Taunsa Shareef were sold at Rs 9000, 400 bales of Haroonabad were sold at Rs 8900, 800 bales of Chichawatni were sold at Rs 8700 to Rs 8850, 200 bales of Faqeerwali were sold at Rs 8850, 200 bales of Fort Abbas were sold at Rs 8800, 400 bales of Khanewal were sold at Rs 8600, 600 bales of Hasilpur were sold at Rs 8550 to Rs 8650.
He also told that rate of cotton in Sindh was in between Rs 8250 to Rs 8600.The rate of cotton in Punjab is in between Rs 8700 to Rs 9000. He also told that Phutti of Sindh was sold in between Rs 3300 to Rs 4200 per 40 kg. The rate of Phutti in Punjab is in between Rs 3200 to Rs 4500 per 40 kg.
The rate of Banola in Sindh was in between Rs 1650 to Rs 1700 while the price of Banola in Punjab was in between Rs 1700 to Rs 1800. The rate of cotton in Balochistan is in between Rs 8400 to Rs 8500 while the rate of Phutti is in between Rs 4400 to Rs 4900.
The Spot Rate Committee of the Karachi Cotton Association on Thursday 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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