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Markets

Spot rate inert amid modest trading

KARACHI: The local cotton market on Saturday remained stable and volume remained a little bit low. Cotton Analyst...
11 Jul 2021

KARACHI: The local cotton market on Saturday remained stable and volume remained a little bit low. Cotton Analyst Naseem Usman told Business Recorder the rate of cotton in Sindh is in between Rs 13250 to Rs 13350 per maund. The rate of cotton in Punjab is in between Rs 13600 to Rs 13800 per maund.

The rate of new crop of Phutti in Sindh was in between Rs 5900 to Rs 6100 per 40 kg. The rate of Phutti in Punjab is in between Rs 6000 to Rs 6700 per 40 kg. The rate of Banola in Sindh is in between Rs 2000 to Rs 2100 per maund. The rate of Banola in Punjab is in between Rs 2000 to Rs 2200 per maund. The rate of cotton in Balochistan is Rs 13300 per maund. The rate of Phutti in Balochistan is in between Rs 6000 to RS 6200 per maund.

1400 bales of Sanghar were sold at Rs 13200 to Rs 13350 per maund, 600 bales of Shahdad Pur were sold at Rs 13250 to Rs 13300 per maund, 100 bales of Tando Adam were sold at Rs 13300 per maund, 800 bales of Hyderabad were sold in between Rs 13250 to Rs 13300 per maund, 400 bales of Singoro were sold at Rs 13150 per maund and 100 bales of Vehari were sold at Rs 13800 per maund.

Sindh Agriculture Minister Ismail Rahoo, Friday, slammed the federal government for “destroying crops in Sindh due to its wrong policies.”

Addressing a presser in the federal capital, Rahoo said, Sindh was receiving water lesser than its officially entitled quota. He demanded ‘judicial probe’ into the matter. The minister strongly criticized IRSA (Indus River System Authority) and WAPDA (Water and Power development Authority) for providing water to Sindh lesser than its entitled quota.

“Both IRSA and WAPDA are engaged in blame-game. IRSA has passed the blame on WAPDA and hold the latter responsible for water shortage. How is it possible that WAPDA is taking decisions on its own out of free will?” he said.

Ismail Rahoo said “The crops of cotton and rice are getting destroyed in Sindh but there is no one to hold the federal government accountable,” he said. “All this is happening right under the nose of Prime Minister Imran Khan,” Rahoo alleged. He denied federal government’s claims that Sindh was being provided water in surplus. “They (federal government officials) told too many lies - they said that wheat witnessed bumper crop - and then they had to import wheat,” he said. Rahoo said federal government deliberately blocked provision of water to Sindh out of politically motivated reasons. Sindh should be provided 5000 cusecs water from Guddu Barrage daily, he demanded.

Special Assistant on Food Security Jamshed Iqbal Cheema says government is taking effective measures to increase the production of cotton in the country.

While addressing a press conference at Multan Chamber of Commerce SAPM said that government is allocation Rs 1 billion for the reconstruction of Pakistan Central Cotton Committee. All Pakistan Textile Mills Association should play its role Research and Development of cotton.

The cotton market concluded Friday and the week on a positive note. Early Friday morning, USDA’s delayed weekly export sales were deemed to be supportive. Sales and shipments were both higher than the previous week. Also, there is a growing consensus that much of the Cotton Belt has enjoyed too much rain, and too many cloudy days. To that end, proper crop development is being questioned.

This Monday USDA will issue its monthly supply-demand report for June. Some traders expect production to be upped a tad, but we will provide additional numbers Monday morning.

The current climate outlook calls for normal precipitation in the six- to 10-day outlook. To date, some traders think there has been enough rain to finally take away the need to build a weather premium this summer for Texas, but there remains a lot of growing time left.

For the week, December cotton ended up 0.63 cent. It was up 2.70 cents on the month and up 12.73 cents the month. Friday, December settled 87.70 cents, up 0.83 cent, March ended at 87.40 cents, up 0.76 cent and December 2022 ended at 79.27 cents, up 0.55 cent; estimated volume was 16,040 contracts. The Spot Rate remained unchanged at Rs 13100 per maund. The Polyester Fiber was available at Rs 210 per kg.

Copyright Business Recorder, 2021

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