KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Monday increased the spot rate by Rs 100 per maund and closed it at Rs 13200 per maund.
The local cotton market remained stable and the volume remained satisfactory.
The Spot Rate Committee of the Karachi Cotton Association on Monday increased the spot rate by Rs 100 per maund and closed it at Rs 13200 per maund. The Polyester Fiber was available at Rs 222 per kg.
Cotton Analyst Naseem Usman told Business Recorder that the reason behind downward trend in the rate of cotton is rains in the cotton growing areas of Sindh and Punjab due which the supply of Phutti was effected. Second reason is the arrival of imported cotton and liquidity crunch. The rate of cotton in Sindh is in between Rs 12300 to Rs 13400 per maund and the rate of cotton in Punjab is in between Rs 13300 to Rs 13500 per maund.
The rate of the new crop of Phutti in Sindh was in between Rs 4500 to Rs 5800 per 40 kg. The rate of Phutti in Punjab is in between Rs 5300 to Rs 5800 per 40 kg. The rate of Banola in Sindh is in between Rs 1450 to Rs 1800 per maund.
The rate of Banola in Punjab is in between Rs 1650 to Rs 1800 per maund. The rate of cotton in Balochistan is in between Rs 13100- 13200 per maund. The rate of Phutti in Balochistan is Rs 6000- 6600 per maund.
600 bales of Nawab Shah were sold at Rs 13000 to Rs 13100 per maund, 1600 bales of Khair Pur were sold at Rs 13150 to RS 13300 per maund, 400 bales of Saleh Pat, 800 bales of Rohri, 200 bales of Sadiqabad, 2000 bales of Rajan Pur were sold at Rs 13300 per maund, 400 bales of Khan Pur, 400 bales of Bagho Bahar, 200 bales of Layyah were sold at Rs 13400 per maund, 800 bales of Sanghar were sold in between Rs 12200 to Rs 12500 per maund, 400 bales of Rahim Yar Khan were sold at Rs 13500 per maund, 2400 bales of Dera Ghazi Khan were sold at Rs 13300 to Rs 13400 per maund and 200 bales of Burewala were sold at Rs 13325 per maund.
Federal Minister for National Food Security and Research Syed Fakhar Imam has said the National Agriculture Commission will be set up for the development in the agricultural education and research.
Chairing a meeting at the University of Agriculture Faisalabad, he said that increment in per acre production, value addition, empowering small farmers, tangible research in agriculture and rural development were prerequisite for the uplift of the country and food security.
Talking about the cotton, he said that production of cotton in Punjab is touching 4.5m bales at an increase of approximately 8.5 per cent from last year. Overall cotton production is likely to reach 8.46 million bales. He said that the attack of Whitefly, pinball worm and CLCV remained significant which had adversely affected the production of cotton.
Copyright Business Recorder, 2021