KARACHI: The local market remained sluggish on Thursday, market sources told that trading volume remained thin.
Market sources told that the rate of cotton in Sindh is in between Rs 13000 to Rs 13200 per maund. The rate of cotton in Punjab is ion between Rs 13000 to Rs 14000 per maund.
The rate of new crop of Phutti in Sindh was in between Rs 5700 to Rs 5900 per 40 kg. The rate of Phutti in Punjab is in between Rs 6200 to Rs 6600 per 40 kg. The rate of Banola in Sindh is in between Rs 1800 to Rs 1900 per maund. The rate of Banola in Punjab is in between Rs 2200 to Rs 2250 per maund.
Cotton Analyst Naseem Usman told Business Recorder that Pakistan Cotton Ginners Association has written a letter to Cotton Commissioner for imposing a ban on shifting of Phutti from Sindh to other provinces.
PCGA said that cotton production in Sindh was witnessing a decline for the last three years. Due to the shortage of Phutti 50 percent factories were facing difficulties in running their operations.
Secretary Agriculture South Punjab Saqib Ali said that cotton will be cultivated on 34 lac acers in Punjab while process of sowing of cotton is completed on 31 lac acers.
Mean While, Food minister was informed that cotton sowing was completed on over 84 percent or 1.96 million hectares out of 2.32 million hectares of cotton target area, with output target likely to be achieved this season.
Federal Minister for National Food Security and Research Syed Fakhar Imam chaired a meeting in this regard, where he took stock of the situation and reviewed input positions to discuss cotton intervention price, a statement said.
The meeting was attended by senior officials of the Ministry of National Food Security and Research and representatives of all provincial ministries and allied departments.
The minister said that cotton output target was fixed at 10.51 million bales during the current season. Representatives of the Agriculture Ministry of Sindh informed the meeting that due to shortage of irrigation water during the season, cotton sowing was not progressing fast, and stressed the need for taking measures to enhance area under cotton production.
About 84 percent targets for the current season had so far been achieved and figures were expected to further increase during the coming days.
The meeting was apprised about cotton cultivation across the potential areas of all four provinces. Punjab has sowed over 1.35 million hectares against the set target of 1.6 million hectares, while Sindh has sowed 0.533 million hectares out of its set target of 0.64 million hectares during the current crop sowing season.
The minister said that the government was taking measures to enhance productivity of all major crops including cotton to achieve sustainable economic development and social prosperity.
The Spot Rate remained unchanged at Rs 12300 per maund. The rate of Polyester Fibre was increased by Rs 3 per kg and was available at Rs 205 per kg.
Copyright Business Recorder, 2021