KARACHI: The Karachi Cotton Association (KCA) on Thursday kept the official spot rate unchanged for the third consecutive day during thin trading.
The official spot rate maintained overnight level at Rs 16,700 per maund. The prices of Phutti and Banola showed no change due to less demand, said cotton analyst Naseem Usman while talking to Business Recorder.
According to him, Phutti of Sindh was traded from Rs 4500-7300 per 40 kilograms; Punjab’s Phutti attracted per 40 kilograms prices from Rs 5500 to Rs 7800.
Similarly, Phutti from Balochistan was traded at Rs 6500 per 40 kilograms to Rs 7800 per 40 kilograms.
Cotton of Sindh was traded from Rs 13,500 to Rs 16,800 per maund, Punjab’s cotton was traded from Rs 14,500 to Rs 16,500 per maund and Balochistan’s cotton prices remained from Rs 16,000 per maund to Rs 16,500 per maund.
While Banola from Punjab was traded from Rs 1,350 to Rs 2,300 per maund, Punjab’s crop was traded from Rs 1,800 to Rs 2,300 per maund and Balochistan’s Banola was traded from Rs 1,700 to Rs 2,300 per maund, added Naseem Usman.
As many as 1200 bales from Dherki were traded at the rate of Rs 17,000 per maund, 200 from Ghotki at Rs 17,000, 2000 bales of Khairpur at Rs 15,100-16,500 per maund, 1281 bales from Shadan Lund at Rs 16,950 per maund, 200 bales from Donga Bonga at Rs 15,400 per maund and 600 bales from Yazman Mandi were traded at Rs 15, 200 per maund, said the Daily Market Report issued by the KCA.
Meanwhile, Growers and ginners at a meeting differeing with the higher cotton output estimates of Punjab Crop Reporting Services has alleged that it may inflict heavy losses to growers.
Pakistan Kissan Ittehad (PKI) and Pakistan Cotton Ginners Association (PCGA) termed Punjab’s cotton production estimate of 5.168 million bales highly unrealistic keeping in view the fresh cotton arrival trend.
Khalid Khokhar, President PKI and Suhail Mahmood Haral, Chairman PCGA, while speaking at the meeting of Cotton Crop Assessment Committee (CCAC) vehemently contradicted the claim of Crop Reporting Services, Punjab Agriculture Department, alleging that representative of provincial government were adamant to pitch cotton estimates at higher side without any substance.
“It is totally wrong to say that Punjab province would produce anything close to five million bales,” Khokhar said. In fact, the sector officials insisted, Punjab cotton output would not exceed 4.1-4.2 million bales.
“About 10 percent more cotton arrival is expected and thus whole volume could not be more than 7.6 to 7.7 million bales at national level against CCAC’s assessment of 9.1 million bales,” they stressed.
Despite opposition of key stakeholders of cotton sector, the Cotton Crop Assessment Committee (CCAC) issued estimates of total production of cotton during the crop season 2021-22, assessing it at 9.1 million bales in the country.
The committee which met under the Chairmanship of Technical Advisor Dr Akmal Sidiq, Ministry of National Food Security and Research (MNFSR) for third time, estimated 5.168 million bales in Punjab, 3.5 million bales in Sindh, 0.43 million in Balochistan, and 0.004 million bales in Khyber Pakhtunkhwa.
On the other hand referring to future needs of the country, Punjab Agriculture Minister Syed Hussein Jehanian Gardezi urged cotton growers and other stake holders to play their role in producing 20 million cotton bales target at any cost.
Addressing a moot on cotton rehabilitation and stabilization, the minister expressed his determination to produce 20 million cotton bales at any cost and asked all stakeholders concerned to contribute in this regard at all level to meet the production target.
He said the present government was taking steps for the rehabilitation of cotton and in this regard standard and approved varieties of cotton were promoted in collaboration with the federal government. He said 19 new varieties of cotton were approved with DNA fingerprinting as an integral part of it which will help in preventing future substandard cotton seeds.
The minister said this year cotton crop has been sown on 3.16 million acres of land which would yield more than 5.168 million bales. Cotton production in Punjab province has increased by 50 percent during the current financial year as compared to last year.
Compared to the previous season, till December 1 this year, 7,168,118 bales of cotton have arrived in the factories whereas in the same period last year, 4,468,118 bales of cotton have come to the factories, he said. The factories have received 2.52 million more bales of cotton. He said 36,790,16 bales of cotton have arrived in the factories in Punjab. Last year, 2,634,487 bales of cotton came to the factories.
Copyright Business Recorder, 2021
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