KARACHI: The local cotton market remained stable on Monday with a satisfactory trading volume.
Cotton analyst Naseem Usman told Business Recorder that according to the available information, the position of cotton crop both in Punjab and Sindh is satisfactory. He; however, said that a survey report says that there is acute shortage of water in cotton growing areas of Sindh which can affect the cotton crop. As to cultivate more cotton, the government had approved the intervention price of Rs 5000 per 40kg to encourage farmers, he said, adding that a “Cotton Price Review Committee” is being constituted which will monitor cotton price in the country.
Naseem Usman said under the intervention system, the committee would direct Trading Corporation of Pakistan (TCP) to start procurement, if the price fell below Rs 5000 per 40kg. The TCP in the final phase would initially procure 200,000 bales of cotton and ensure that farmers get the benefit of this procurement.
The rate of cotton in Sindh is in between Rs 13750 to Rs 13850 per Maund and in Punjab it is around Rs 14000 per Maund.
The rate of the new crop of Phutti in Sindh was in between Rs 5500 to Rs 6150 per 40kg. The rate of Phutti in Punjab is in between Rs 5600 to Rs 6200 per 40kg. The rate of Banola in Sindh is in between Rs 1700 to Rs 1800 per Maund. The rate of Banola in Punjab is in between Rs 1750 to Rs 1850 per Maund. The rate of cotton in Balochistan is from Rs 13800 to Rs 13900 per Maund. The rate of Phutti in Balochistan is Rs6000-6300 per Maund.
He said 1000 bales of Nawabshah were sold from Rs13800 to Rs 13850 per Maund, 1600 bales of Tando Adam and 1400 bales of Shahdadpur were sold from Rs 13750 to Rs 13850 per Maund. However, 1000 bales of Sanghar were sold from Rs13750 to Rs 13800 per Maund, 600 bales of Chichawatni were sold from Rs 14100 to Rs 14200 per Maund, 800 bales of Tunsa Sharif. 200 bales of Shadan Lund, 200 bales of Ghazi Ghat, 400 bales of Dharan Wala, 1000 bales of Vehari and 200 bales of Faqeer Wali were sold at Rs 14000 per Maund, while 200 bales of Hasilpur were sold at Rs 13950 per Maund and 400 bales of Toba Tek Singh were sold at Rs 13725 per Maund.
The Spot Rate remained unchanged at Rs 13800 per Maund. The Polyester Fiber was available at Rs 222 per kilogram.
Copyright Business Recorder, 2021