KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Monday has increased the spot rate by Rs 700 per maund and closed it at Rs 12000 per maund. Market sources told that market remained bullish while trading volume remained thin.
Cotton Analyst Naseem Usman told that due to the expected bumper cotton crops record advance deals of cotton and Phutti were done on the condition of delivery till June 3 to June 10. The deals of Phutti were done on the rate of Rs 5300 per 40 Kg to Rs 5700 per 40 kg while deals were of cotton on the condition of delivery on June 12 were done on Rs 12200 to Rs 12500 per maund.
Secretary agriculture South Punjab Saqib Ali said that government is very serious to promote agriculture and in this regard government has announced policies. He said that he is personally looking after the cotton research institutes.
The process of research in introducing new varieties of seeds of cotton has been escalated. Government is aware of the importance of cotton and is trying it’s level best to increase the production of cotton but private sector should play its role in this regard.
He explained the views during a cotton revival seminar organised by Bahawalpur Chamber of Commerce and Industry. The seminar was attended by representatives of Federation of Pakistan Chambers of Commerce and Industry and farmers.
While expressing his views convener of the regional committee of FPCCI on cotton and textile Malik Talat Sohail said that FPCCI is running awareness campaign for the last two months. The purpose of the campaign is to convince those farmers who were disheartened.
Patron in chief All Pakistan Textile Mills Association Gohar Ijaz urges government that without reducing energy prices textile exports will not be increased. Gohar Ijaz who was nominated as chairman of Cotton Task Force by Prime Minister Imran Khan five months back . Now after five months it is very unfortunate that question were raised on its existence that whether it exists or not. No implementation was seen on the positive announcements made by the government regarding increasing the production of cotton in the country.
Naseem Usman told that with the partial arrival of Phutti for the season 2021- 22 the trading for the new season has started in the cotton market. Naseem said that 600 bales of Tando Adam were sold at Rs 12,200 per maund and 200 bales Sanghar were sold at Rs 1200 per maund.
Naseem also told that that Spot Rate Committee of the Karachi Cotton Association will mention the trading activates in its daily report from July 1, as the financial year starts from July.
Naseem Usman told that up till now buying and selling of Phutti from the areas of Sindh which includes Badin and Gharo were recorded . He told that ginning factories of Punjab bought Phutti at the rate of Rs 5300 to Rs 5500 per 40 kg. Moreover, a ginning factory of Burewala had sold 200 bales of cotton at the rate of Rs 12500 per maund on the condition of delivery between June 10 to June 20. Sources claimed that two ginning factories of Sanghar will partially start their operations from 1st week of June.
Naseem told that according to the information received up till now the sowing of cotton in the cotton production areas of Sindh and Punjab is satisfactory. The Federal Agriculture Committee has set the target of production of approximately one crore five lac bales for the year 2021-22.
Naseem further said that that sowing of cotton has registered a significant increase this year in South Punjab due to the incentives given to the farmers by the Punjab government, said an official of the Punjab Agriculture Department.
Official said it was heartening to note that the farmers were taking keen interest in sowing cotton this year as compared to last year. “Reports of cotton crop sowing are pouring in from the South Punjab, right from the first week of April which are according to the wishes of the Punjab government”, the official said.
He said that crop of cotton was mostly being sown in Bahawalpur, Multan, Lodhran, Bahawalnagar and Rahimyar Khan Khanewal, Layyah, Sahiwal districts. Mahar Mahboob, a farmer from Layyah, said that he preferred to sow cotton in fields this year rather than other crops, adding that the present government was taking initiatives for the farmers. To a question, he said that cotton was a beneficial crop as the government was giving different incentives to the farmers. He also confirmed that the farmers were taking more interest in sowing the cotton as compared to the last year in the southern Punjab.
It is also pertinent to mention here that the Federal Committee on Agriculture has fixed white lint production target for the country at 10.5 million bales from an area of 2.33m hectares for the 2021/22 season, almost double over the previous year.
Punjab is to sow the crop on 1.6m hectares of land to produce 6.07m bales. The Agriculture Department has issued a schedule for sowing of registered cotton varieties and advised the growers to complete the sowing of registered BT cotton varieties between April 1 and May 31. The BT cotton varieties recommended by the department include IUB-13, MNH-886, BS-15, Niab-878, and FH-142. The growers have been asked to consult local experts if they plan to sow other registered BT cotton varieties keeping in view the environment of their district to get better production.
The Spot Rate Committee of the Karachi Cotton Association on Monday has increased the spot rate by Rs 700 per maund and closed it at Rs 12000 per maund. The Polyester Fibre was available at Rs 200 per kg.
Copyright Business Recorder, 2021
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