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KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Saturday has decreased the spot rate by Rs 100 per maund and closed it at Rs 10,600 per maund.

The local cotton market remained bearish on Saturday. Market sources told that trading volume was low.

Cotton Analyst Naseem Usman told that country’s textile group exports have registered an increase of 7.79 percent in the first half of current fiscal year (July-Dec) 2020-21 as it reached $7.44 billion compared to $6.9 billion during the same period of last year 2019-20, says the Pakistan Bureau of Statistics (PBS).

The exports and imports data released by the PBS revealed that the textile group exports have registered an increase of 22.72 percent on year-on-year basis as it reached $1.4 billion in Dec 2020 compared to $1.14 billion in Dec 2019, and increased by 9.2 percent in Dec 2020, when compared to $1.28 billion in Nov 2020.

Cotton yarn exports declined by 26.36 percent during July-Dec 2020 and remained $400 million compared to $544.14 million during the same period of last year.

However, its exports increased by 65.45 percent in Dec 2020, and reached $96.17 million compared to $58.13 million during Dec 2019.

Raw cotton exports recorded massive decline of 96.14 percent in the first half of current fiscal and remained $0.592 million compared to $15.33 million, during the same period of last year.

Senior Vice Chairman of Pakistan Yarn Merchants Association (PYMA), Muhammad Hanif Lakhany and Vice Chairman Farhan Ashrafi have urged the federal government to implement reduce electricity tariff announced for textile industry, strict instructions should be issued to the electricity distribution companies, especially K-Electric to follow government’s notification immediately, so that the domestic industries affected by the Covid-19 can get some relief and stand on their feet.

A delegation of PYMA led by Hanif Lakhany and Farhan Ashrafi called on Monis Alvi, Chief Executive Officer (CEO), K-Electric (KE), at its head office. The delegation included former Central Chairman PYMA Khurshid A Sheikh, senior members Anwar Aziz and Arif Lakhani while KE Chief Distribution Officer Amir Zia, Chief Financial Officer Muhammad Amer Ghaziani, Director External Affairs Asmar Naeem, Director New Connection Kamran Akhtar Hashmi were also present at the meeting.

Hanif Lakhany and Farhan Ashrafi, while talking to Monis Alvi enquired about the reasons for not providing the reduced electricity tariff adjustment facility, which was announced by the federal government for the textile industry.

KE should ensure prompt implementation of the government’s announcement for enabling Prime Minister Imran Khan’s vision for promoting domestic industries and exports. They also requested for more than one electricity connection at the place of business and change of names in bills.

Naseem Usman told that Pakistan Cotton Ginners Association has requested the Prime Minister Imran Khan to establish an autonomous Cotton Control Board which must be supervised directly by Prime Minister to increase production by 20 million bales. It should be monitor research, sowing, pest management, picking, ginning, spinning to value addition to protect the interests of all stake holders.

Zoning for cotton crop must implement in letter and spirit and there should be restrictions on sowing other crops than cotton. To ensure availability of certified, germinated, heat and disease resistant cotton seed.

Ginning sector must be acknowledged as a vital subsidiary of textile industry and uniform electricity tariff should be introduced by for ginning industry to reduce the cost of manufacturing. Government must announce the support price of seed cotton (Phutti) before sowing. PCGA warned that if these submissions were not honoured then 1200 ginning factories and millions of people attached will be effected.

Naseem Usman told that 800 bales of Fort Abbas were sold at Rs 10,500 to Rs 10,900 per maund, 1000 bales of Yazman Mandi were sold at Rs 10,500 to Rs 10,700 per maund, 600 bales of Liaquat Pur were sold at Rs 10,500 per maund, 400 bales of Haroonabad and 400 balers of Bahawalpur were sold at Rs 10,400 per maund.

Naseem also told that rate of cotton in Sindh was in between Rs 10,000 to Rs 10,700 per maund. The rate of cotton in Punjab is in between Rs 10,200 to Rs 11000 per maund. He also told that Phutti of Sindh was sold in between Rs 3800 to Rs 5000 per 40 kg. The rate of Phutti in Punjab is in between Rs 4000 to Rs 5500 per 40 Kg.

The rate of Banola in Sindh was in between Rs 1600 to Rs 2000 while the price of Banola in Punjab was in between Rs 1800 to Rs 2250. The rate of cotton in Balochistan is Rs 10,000 per maund.

The Spot Rate Committee of the Karachi Cotton Association has decreased the spot rate by Rs 100 per maund and closed it at Rs 10,600 per maund. The Polyester Fiber was available at Rs 188 per Kg.

Copyright Business Recorder, 2021