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KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Monday decreased the spot rate by Rs 150 per maund and closed it at Rs 13100 per maund.

The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 150 per maund and closed it at Rs 13100 per maund. The Polyester Fiber was available at Rs 222 per kg.

The local cotton market remained bearish and the volume remained satisfactory.

Cotton Analyst Naseem Usman told Business Recorder that Punjab Seed Council in its meeting gave approval to the five new varieties of Bt cotton and one variety of non BT cotton of Central Cotton Research Institute Multan.

The textile industry has asked the federal government to better announce regionally competitive energy tariff of electricity and gas for five years to attract huge investments in the textile sector and boost the country’s exports to $50 billion in next five years or so.

“For the last two years, we have been availing a competitive tariff at the rate of 9 cents per kWh and gas at $6.5 per mmBtu. The package has now been extended for another year (2021-22) which is appreciable. But we are of the view that this year-wise competitive tariff package is not feasible if we, especially in broader terms, want to expand this exports industry on a huge scale through making large investments,” said All Pakistan Textile Mills Association (Aptma) newly elected chairman Abdul Rahim Nasir.

Nasir said textile exports grew 24pc to $15.5bn in 2020-21 from $12.5bn in FY20. “Since 70pc of textile exports from Pakistan were from value-added sector, the industry has projected the exports to $20.5bn for the ongoing fiscal year,” he said.

The textile exports registered a year-on-year growth of 29pc in the first two months (July and August) of 2021-22 as compared with the corresponding period of the preceding year. In August exports jumped by 45pc to $1.5bn against $1bn in August 2020.

“It is good that our textile exports are growing gradually despite the fact we are availing the subsidised energy package on yearly basis that generally brings squeezed or small investments. And if the government announces a straight five-year package, we can have big investments (local and international) in this sector that may take the exports to $50bn,” Nasir claimed.

The rate of cotton in Sindh is in between Rs 12000 to Rs 12900 per maund and the rate of cotton in Punjab is in between Rs 12600 to Rs 12800 per maund.

The rate of the new crop of Phutti in Sindh was in between Rs 4500 to Rs 5500 per 40 kg. The rate of Phutti in Punjab is in between Rs 4800 to Rs 5600 per 40 Kg. The rate of Banola in Sindh is in between Rs 1500 to Rs 1600 per maund. The rate of Banola in Punjab is in between Rs 1550 to Rs 1700 per maund. The rate of cotton in Balochistan is in between Rs 12700- 12800 per maund. The rate of Phutti in Balochistan is Rs 5800- 6500 per maund.

2200 bales of Saleh Pat were sold at Rs 13100 to Rs 13300 per maund, 1800 bales of Rohri were sold at Rs 13100 to Rs 13200 per maund, 3000 bales of Khair Pur were sold at Rs 13000 to Rs 13100 per maund,600 bales of Shah dad Pur were sold at Rs 12500 to Rs 12800 per maund, 800 bales of Sanghar were sold at Rs 12200 to Rs 12400 per maund, 200 bales of Bago Bahar were sold at Rs 13400 per maund, 3200 bales of Haroonabad were sold at Rs 13200 to Rs 13325 per maund, 800 bales of Faqeer Wali, 400 bales of Chichawatni, 400 bales of Mian Channu, 200 bales of Layyah, were sold at Rs 13250 per maund, 1800 bales of Marrot were sold at Rs 13200 to Rs 13250 per maund, 1800 bales of Fort Abbas were sold at Rs 13200 to Rs 13250 per maund, 200 bales of Vehari , 1000 bales of Dera Ghazi Khan, 800 bales of Hasil Pur were sold at Rs 13200 per maund and 1600 bales of Yazman Mandi were sold at Rs 13200 to Rs 13250 per maund.

Copyright Business Recorder, 2021

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