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KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Thursday increased the spot rate by Rs 100 per maund and closed it at Rs 13100 per maund.

Cotton Analyst Naseem Usman told Business Recorder the rate of cotton in Sindh is in between Rs 13200 to Rs 13350 per maund. The rate of cotton in Punjab is in between Rs 13500 to Rs 13700 per maund.

Some buyers showed interest in fresh buying due to rise in rates of cotton, dealers said and adding that the cotton market likely to maintain present trend in the near future.

The rate of the new crop of Phutti in Sindh was in between Rs 5200 to Rs 5800 per 40 kg. The rate of Phutti in Punjab is in between Rs 5200 to Rs 6200 per 40 kg. The rate of Banola in Sindh is in between Rs 1600 to Rs 1700 per maund. The rate of Banola in Punjab is in between Rs 1600 to Rs 1800 per maund. The rate of cotton in Balochistan is Rs 13300 per maund. The rate of Phutti in Balochistan is Rs 5600- 6200 per maund. The Polyester Fiber was available at Rs 220 per kg.

Nearly, 5200 bales of Tando Adam were sold at Rs 13100 to Rs 13250 per maund, 2000 bales of Hyderabad were sold at Rs 13200 per maund, 3600 bales of Shahdad Pur were sold in between Rs 13200 to Rs 13250 per maund, 1200 bales of Sanghar were sold in between Rs 13150 to Rs 13200 per maund, 1200 bales of Mir Pur Khas were sold at Rs 13100 to Rs 13200 per maund, 400 bales of Haroonabad, 400 bales of Hasil Pur and 400 bales of Vehari were sold at Rs 13500 per maund.

Federal Minister for National Food and Security Syed Fakhar Imam, on Wednesday, said that the government has approved cotton intervention price.

While addressing a press conference in Islamabad, the minister said cotton intervention price has been set at Rs 5,000 per 40kg of seed cotton by the cabinet.

He said, "If prices fall below Rs 5,000/40kg of seed cotton then the intervention policy will be activated." The federal minister said that the procurement will be set as 90 percent of the import parity price (IPP).

Furthermore, he said, "Ministry will constitute a 'Cotton Price Review Committee' which will monitor cotton price in the country. This committee will direct the TCP to start procurement if prices fall." He continues that TCP will initially procure 200,000 bales of cotton.

Imam said a Cotton Price Committee has been formed to fix the cotton price at five thousand rupees per forty kilograms.

He said that the government is introducing quality control system to ensure the quality of cotton seed. He said efforts are being made to make Pakistan self-sufficient in edible oil

Pakistan Yarn Merchants Association (PYMA) has expressed serious concerns over the Sindh government's move to set a minimum wage of Rs 25,000 against the Rs20,000 wage announced in the federal budget.

They urged Sindh Chief Minister Syed Murad Ali Shah to fix the minimum wage in Sindh at Rs 20,000 on an equal basis like the federation and other provinces to reduce the cost of businesses and industries.

ICE cotton futures on Wednesday rose on solid demand for the natural fiber, stitching together a three-session winning run, although a stronger dollar trimmed gains.

Copyright Business Recorder, 2021

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