KARACHI: The local cotton market on Wednesday crashed. Cotton analyst Naseem Usman said to Business Recorder that the reason behind crashing of market is rains in the cotton growing areas of Sindh and Punjab due which the supply of Phutti was affected. Second reason is the arrival of imported Phutti and liquidity crunch.
The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 200 per maund and closed it at Rs 13700 per maund.
The rate of cotton in Sindh is in between Rs 12900 to Rs 13500 per maund and the rate of cotton in Punjab is in between Rs 13400 to Rs 13500 per maund. The rate of the new crop of Phutti in Sindh was in between Rs 5400 to Rs 5800 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 5900 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 1650 to Rs 1750 per maund. The rate of cotton in Balochistan is Rs 13500 to Rs 13600 per maund. The rate of Phutti in Balochistan is Rs 6300 to Rs 6800 per maund.
800 BALES OF Saleh Pat were sold at Rs 13900 to Rs 1400 per maund, 800 bales of Rani Pur, 600 bales of Rohri were sold at Rs 13700 to Rs 13800 per maund, 1000 bales of Nawab Shah, 800 bales of Sarkand were sold at Rs 13700 to Rs 13900 per maund, 2200 bales of Sanghar were sold at Rs 13300 to Rs 13350 per maund, 1200 bales of Mir Pur Khas were sold at Rs 13000 to Rs 13350 per maund, 800 bales of Khan Pur were sold at Rs 14000 per maund, 1800 bales of Haroonabad, 1200 bales of Yazman Mandi were sold at Rs 13700 to Rs 13900 per maund, 200 bales of Chistian were sold at Rs 13850 per maund, 800 bales of Vehari were sold at Rs 13850 to Rs 14000 per maund, 400 bales of Fort Abbas were sold at Rs 13900 per maund, 1000 bales of Chichawatni were sold at Rs 13800 to Rs 14000 per maund, 200 bales of Mian Channu were sold at Rs 13900 per maund and 1400 bales of Faqeer Wali were sold at Rs 13800 per maund.
The federal government, on Tuesday, said that number of reservations of the United Kingdom on Pakistan’s corona virus data has been sorted out. While briefing the media about the decision taken by the federal cabinet in its meeting presided over by Prime Minister Imran Khan, Minister for Information Fawad Chaudhry expressed hope that the British government will review its policy.
He said that the price of corona virus patients’ injection has been reduced from around Rs 5,000 to Rs 3,000. He said that Assistant to the Prime Minister on Health Dr Faisal Sultan had spoken about Pakistan’s corona virus testing mechanism with Britain’s chief medical scientist. Pakistan was retained on the “red list”, in the latest review of the country’s travel ban.
The cabinet discussed and expressed their concerns on Pakistan being on the UK “red list” and hoped the British government would review its policy.
The minister said that the NADRA has been allowed to establish a National Data Repository. He said the cabinet approved funds allocation for payment of Roosevelt Hotel dues, the hotel will be returned to Pakistan, which was linked to the RekoDiq case. The federal cabinet also ratified the decisions of the Economic Coordination Council (ECC) August 31.
He said that the memorandum of understanding (MoU) between Pakistan-UK readmission has been postponed. He said that we already had implemented the Mandatory Service Act in Radio Pakistan.
Furthermore, the cabinet decided that the Pakistan Army will provide security for the New Zealand cricket team, coming to Pakistan as a security plan has been made.
Fawad Chaudhry said that there were many hindrances in the PTI government’s way, since they took over power but they overcame the difficulties. The minister said PM Imran Khan has directed to constitute a committee to evolve policy for land acquisition. The premier expressed serious reservations on the process for acquiring land of poor people in Islamabad to distribute plots among bureaucrats, journalists, and judges, he added.
The prime minister constituted a committee under the chairmanship of Planning Minister Asad Umar that will evolve a comprehensive policy to check exploitation of the poor people, he added. He said the policy will formulate a system, so that land of common people cannot be acquired to appease bureaucrats, journalists, and judges. He said that in 2017-18, the state-owned enterprises (SOEs) were facing losses of Rs286 billion and now if the NHA losses of Rs140 billion are excluded from the total losses, the remaining SOEs have been converted into profit of Rs31 billion. He said that enforcement of the Essential Services Act in Radio Pakistan was also approved.
Chaudhry Fawad Hussein said port charges on exports have been reduced by 50 percent. He said voluntary retirement and golden handshake scheme for the employees of the Pakistan Medical Council also got the cabinet’s nod.
It was approved to establish a joint security commission between Pakistan and Uzbekistan. Chaudhry Fawad Hussein said that the cabinet held detailed discussion on the electoral reforms to ensure free, fair, and transparent elections in the country. He said it is the first government, which is itself calling for electoral reforms, but it is unfortunate that the opposition has no interest in this regard. He said opposition’s leading parties, including the Pakistan Muslim League-Nawaz and the Pakistan People’s Party do not have any interest in making the electoral system transparent as they have never come to power without rigging.
Fawad, however, said that Prime Minister Imran Khan and his government is committed to go ahead with the electoral reforms, including introduction of the Electronic Voting Machines. He criticised the PML-N leader Javed Latif as a “political joker” and alleged the PML-N and the PPP have no interest in betterment of the country. He termed opposition as the “most incompetent opposition ever”.
Pakistan Yarn Merchants Association (PYMA) has demanded the government to allow duty free import of cotton and cotton yarn through land routes from India, Turkey and Uzbekistan. In a statement issued on Tuesday, the PYMA appealed to Prime Minister Imran Khan to take steps to reduce the cost of production of the value-added textile industry in view of the shortage and skyrocketing prices of cotton and cotton yarn, and allow duty-free import of cotton and cotton yarn from Turkey, India and Uzbekistan by land, so that exporters can compete in the ongoing price race in international markets.
In the appeal to the prime minister, Hanif Lakhany, Vice President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Senior Vice Chairman PYMA, Farhan Ashrafi, Vice Chairman PYMA and convener FPCCI’s Central Standing Committee on Yarn Trading, said that the value-added sector in the country is facing immense difficulties due to shortage and price of cotton and cotton yarn reaching record levels, as cotton yarn is not available to these export industries even at high prices as per the production demand. “If this situation continues, not only it will be difficult to fulfil export orders, but Pakistani exporters will also lose the ability to compete in global markets. Which could have a negative impact on the country’s exports, so the government should seriously consider PYMA’s proposal in the best interest of the country’s economy”, they feared.
The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 200 per maund and closed it at Rs 13700 per maund. The Polyester Fiber was available at Rs 222 per Kg.
Copyright Business Recorder, 2021