LAHORE: The Spot rate remained unchanged on Saturday. The market remained steady and the trading volume remained low.
Cotton analyst Naseem Usman while talking to Business Recorder told that price of Phutti of Sindh was traded from Rs 4500-7600 per 40 kilograms; Punjab’s Phutti attracted per 40 kilograms prices from Rs 6000 to Rs 7800. The Prime Quality Cotton was available at Rs 17,500 per maund.
Similarly, Phutti from Balochistan was traded at Rs 6500 per 40 kilograms to Rs 8200 per 40 kilograms.
Cotton of Sindh was traded from Rs 13,500 to Rs 17,000 per maund, Punjab’s cotton was traded from Rs 14,500 to Rs 17,000 per maund and Balochistan’s cotton prices remained from Rs 16,000 per maund to Rs 16,500 per maund.
While Banola from Sindh was traded from Rs 1,400 to Rs 2,300 per maund, Punjab’s crop was traded from Rs 1,800 to Rs 2,400 per maund and Balochistan’s Banola was traded from Rs 1,700 to Rs 2,300 per maund, added Naseem Usman.
As many as 1400 bales of Ghotki were sold at Rs 16,900 to RS 17,300 per maund, 200 bales of Sarkand were sold at Rs 16,000 per maund and 1000 bales of Saleh Pat were sold at Rs 15,800 per maund.
Seed cotton (Phutti) equivalent to over 6.8 million or exactly 7,274,239 bales have reached ginning factories across the country till December 15, 2021 registering increase of 43.83 percent as compared to corresponding period of last year.
According to a fortnightly report of Pakistan Cotton Ginners Association (PCGA) released on Saturday, over 7.2 million or 7,212,028 bales have undergone the ginning process i.e. converted into bales. Cotton arrivals in Punjab were recorded at over 3.7 million or 3,773,609 bales registering a surplus of 26.68 percentages compared to corresponding period of last year when arrivals were recorded 2,978,878 bales.
Sindh generated over 3.5 million or 3,500,630 bales registering an increase of 68.42 pc as compared to the corresponding period of last year when arrivals were recorded 2,078,546 bales.
Textile mills bought 6,890,956 bales while exporters purchased 16,000 bales and Trading Corporation of Pakistan (TCP) did not buy during the cotton season 2021-22.
Sanghar district of Sindh topped with cotton arrival figure of 1,317,044 bales followed by Bahawalnagar district of Punjab with 1,043,764 bales.
Total 133 ginning factories were operational in the country. Exactly 367,283 cotton bales unsold stock was available in ginning factories.
Chairman Karachi Cotton Brokers Forum Naseem Usman while commenting on the report said that it is expected that 7.5 million bales will be produced in the country adding that if the supply of energy will continue to the textile sector on competitive rates then it is expected that 1.65 million bales will be produced in the country.
In this way in order to fulfill the demands of local textile industry it is expected that 8 million bales will be imported while up till now agreements for the import of 4.7 million bales have been signed.
Naseem Usman also said that spinners are hesitant to sign import agreements of cotton because of increase in the rate of dollar. He also told that according to the ginners that stock of cotton will be finished in the ginning factories till January. The farmers of cotton will grow cotton in the next season because they are getting good price.
The Spot Rate remained unchanged at Rs 16,800 per maund. The Polyester Fiber was available at Rs 245 per kg.
Copyright Business Recorder, 2021