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KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Wednesday has increased the spot rate by Rs 50 per maund and closed it at Rs 9650 per maund.

The local cotton market remained bullish on Wednesday. Market sources told that trading volume is also increasing. Sources told that it is expected that rate of cotton will reach at Rs 10,000 per maund in one or two days.

Cotton Analyst told that Pakistan Cotton Ginners Association (PCGA), while rejecting imposition of 1.5 percent turnover tax on cotton by-products, said the step would force the ginners to shutdown their businesses.

PCGA President Dr Jassumal said that despite the assurance by the Federal Board of Revenue (FBR) high ups and relevant ministries, the government had not taken any step to withdraw the 1.5 percent turnover tax on cotton by-products.

Mal said that this step by the FBR would immediately increase input costs of cotton by Rs 100 per 40kg, which would further discourage the farmers.

Meanwhile, National Business Group Chairman and President Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain Tuesday said following the cotton crop collapse the government should allow duty-free import of cotton yarn to save the textile industry.

The government should waive five percent customs duty and five percent regulatory duty on the import of yarn unless the new crop hit the market, he said.

Mian Zahid said that import of excessive quantities of cotton and yarn should not be allowed in the country to safeguard the rights of farmers, ginners and textile millers.

He said that the area under cultivation for cotton is shrinking since 14 years while cotton output is also declining due to the apathy of the authorities.

The last crop of cotton failed adding to the miseries of millions of farmers and threatening the textile sector which is behind 60 percent exports while providing jobs to 40 percent industrial labour. Every step should be taken to provide relief to the textile sector as it will require around 14 million bales to keep their machines running on the back of unprecedented orders.

Naseem further told that more than half a million people from ethnic minority groups in Xinjiang have been coerced into picking cotton, on a scale far greater than previously thought, new research has suggested.

The Xinjiang region produces more than 20 percent of the world’s cotton and 84 percent of China’s. According to a new report released today by the Center for Global Policy, there is compelling evidence that the cotton industry in the Xinjiang region is “tainted” by human rights abuses, including suspected forced labor of Uighur and other Turkic Muslim minorities. The release of the report follows the International Criminal Court’s statement purporting that it did not have the jurisdiction to investigate the allegations of crimes against humanity and genocide in Xinjiang.

Naseem told that 800 bales of Bagho Bahar were sold at Rs 9800 to Rs 9850 per maund, 2200 bales of Khan Pur were sold at Rs 9800, 1400 bales of Rahim Yar Khan were sold at Rs 9800, 1200 bales of Sadiqabad were sold at Rs 9750 to Rs 9800, 400 bales of Faqeer Wali were sold at Rs 9700, 600 bales of Marrot were sold at R 9700 to Rs 9750, 200 bales of Mian Wali were sold at Rs 9650, 1000 bales of Fort Abbas, 1000 bales of Haroonabad and 600 bales of Khanewal were sold at Rs 9600.

He told that rate of cotton in Sindh was in between Rs 8600 to Rs 9850 per maund. The rate of cotton in Punjab is in between Rs 9000 to Rs 9850 per maund. He also told that Phutti of Sindh was sold in between Rs 4000 to Rs 4700 per 40 Kg. The rate of Phutti in Punjab is in between Rs 4000 to Rs 5200 per 40 Kg.

The rate of Banola in Sindh was in between Rs 1350 to Rs 1800 while the price of Banola in Punjab was in between Rs 1700 to Rs 2000. The rate of cotton in Balochistan is in between Rs 9200 to Rs 9500.

The Spot Rate Committee of the Karachi Cotton Association has increased the spot rate by Rs 50 per maund and closed it at Rs 9650 per maund. The Polyester Fiber was available at Rs 168 per Kg.

Copyright Business Recorder, 2020