KARACHI: The local cotton market remained stable on Friday. Cotton Analyst Naseem Usman told that market volume remained low. Naseem told that seed cotton (Phutti) equivalent to over 4.6 million or exactly 4,648,092 bales have reached ginning factories across the country till Dec 1, 2020, registering a 37.59 per cent shortfall compared to corresponding period of last year when arrivals were recorded well over seven million bales.
According to a fortnightly report of Pakistan Cotton Ginners Association (PCGA) released to media on Thursday, over 4.2 million or 4,289,988 bales have undergone the ginning process i.e converted into bales. Cotton arrivals in Punjab were recorded at 2.6 million or 2,634,487 bales while Sindh generated just over 2 million or 2,013,605 bales.
Just over 3.75 million or 3,754,750 bales have been sold out with major chunk of it, 3.7 million (3,709,450) bales, bought by textile mills and remaining 45,300 by exporters.
Sanghar district of Sindh continued to remain on top with cotton arrival figure of 776,302 bales followed by two Punjab districts including Bahawalnagar (670,938 bales) and Rahimyar Khan (504,480 bales). Total 449 ginning factories were operational in the country including 147 in Sindh and 302 in Punjab.
Meanwhile, meeting of the Economic Coordination Committee (ECC) of the Cabinet has approved removal of five percent regulatory duty (RD) on import of cotton yarn to increase value-added exports, however, the Karachi Transformation Plan proposal was put off till the next meeting for a detailed discussion.
The ECC meeting presided over by Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh, on Wednesday gave approval to the proposal of the Ministry of Commerce for removal of five percent regulatory duty on import of cotton yarn till 30th June, 2021, following a detailed discussion.
Moreover, Prime Minister Imran Khan on Monday gave in principle approval for establishment of Exports Development Board (EDB) for promotion of the country's exports. The board to be headed by the prime minister himself would have representation from all the stakeholders of export sector.
The board meeting would be held every month, wherein, exporters would be invited to resolve their problems. The announcement of board setup came following a meeting of the adviser on commerce with the prime minister.
Naseem told that 200 bales of Ghotki were sold at Rs 9300 per maund, 400 bales of Saleh Pat were sold at Rs 9225, 100 bales of Sadiqabad were sold at Rs 9600, 1400 bales of Rahim Yar Khan were sold at Rs 9575 to Rs 9600, 200 bales of Kot Sazal were sold at Rs 9575, 200 bales of Khanpur were sold at Rs 9575, 200 bales of Mian Wali were sold at Rs 9500, 1600 bales of Fort Abbas were sold at Rs 9325 to Rs 9500, 733 bales of Haroonabad were sold at Rs 9350 to Rs 9400, 200 bales of Donga Bonga were sold at Rs 9400, 200 bales of Faqeerwali were sold at Rs 9325.
He told that rate of cotton in Sindh was in between Rs 8600 to Rs 9500 per maund. The rate of cotton in Punjab is in between Rs 8800 to Rs 9600 per maund. He also told that Phutti of Sindh was sold in between Rs 3200 to Rs 4800 per 40 Kg. The rate of Phutti in Punjab is in between Rs 3500 to Rs 5100 per 40 Kg.
The rate of Banola in Sindh was in between Rs 1300 to Rs 1700 while the price of Banola in Punjab was in between Rs 1650 to Rs 2000. The rate of cotton in Balochistan is in between Rs 8600 to Rs 9200 while the rate of Phutti is in between Rs 4200 to Rs 5000. The Spot Rate remained unchanged at Rs 9450 per maund. The Polyester Fiber was available at Rs 162 per Kg.
Copyright Business Recorder, 2020
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