LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Tuesday increased the spot rate by Rs 300 per maund and closed it at Rs 18300 per maund. The market remained bullish and the trading volume remained low.
Cotton analyst Naseem Usman while talking to Business Recorder said that according to the fortnightly report issued by Pakistan Cotton Ginners Association (PCGA) on Monday 7.35 million bales arrived as compared to the last year production of 5.37 million bales during said period.
He also told that cotton will not be available in the month of February. New crop of cotton will arrive in June. He also said that prices of cotton and cotton-related products like yarn and Banola increased by 60 % during 2021.
He also told that the price of Punjab’s Phutti attracted per 40 kilograms prices from Rs 6000 to Rs 8000.
Cotton of Sindh was traded from Rs 15000 to Rs 19000 per maund, Punjab’s cotton was traded from Rs 16000 to Rs 18500 per maund.
He told that 400 bales of Pano Aqil, 600 bales of Mir Pur Mathelo were sold at Rs 18800 per maund, 200 bales of Chichawatni were sold at Rs 1830 per maund, 1200 bales of Lodhran were sold at Rs 18100 per maund, 400 bales of Fort Abbas were sold at Rs 17600 per maund, 210 bales of Sadiqbad were sold at Rs 17600 per maund and 800 bales of Faqeer Wali were sold at Rs 17000 per maund.
All Pakistan Textile Mills Association (APTMA) demands immediate measures to save textile industry from heavy production and export losses.
Asif Inam Chairman APTMA, Southern Zone has demanded the government to save textile industry from heavy production and export losses as despite of government vision of the higher priority of gas supply as compared to other industries.
He said that textile industry has to observe one day closure of gas supply resulting in delay in export shipments which is against priority and infringe their rights, as priority number 3 is being treated at par with priority number 4. The suspension of gas supply is causing daily production losses and delay in export commitments due to low gas pleasure and closure.
Chairman APTMA Southern Zone reiterates that the government and gas supply companies without any consent of the textile sector has announced one day gas closure in different industrial areas resultantly the textile industry is suffering production losses and delay in export shipments.
Asif Inam has urged the government and gas supply companies to provide gas first to export oriented industries including textile to run their mills without any disruption and fulfil their export commitments in time and then to other industries if they have enough gas supply.
The Pakistan Kissan Ittehad (PKI) has claimed that proposal to withdraw sales tax exemption on agricultural implements, seed and other agricultural inputs will raise the cost of cultivation by 5 to 10 percent.
Expressing its deep concern over the proposals in Finance Supplementary Bill 2021 tabled in the National Assembly, PKI President Khalid Mahmood Khokhar while addressing a press conference on Monday said withdrawal of sales tax exemption for various crop seeds, agriculture inputs and farm implements will have far reaching consequences for the already struggling farming community.
In addition to an increasing input cost, he added the Finance Supplementary Bill is inconsistent with the existing government policy and the country’s food security needs. The 17 percent sales tax on agriculture implements, cottonseed cake, cottonseed oil, maize, rice canola, sunflower, vegetables and potato seed will directly impact the cultivation cost and put quality seed inputs out of reach of many farmers.
Besides, ICE cotton futures rose in thin trading on Monday, helped by strong demand prospects for the natural fiber, although a robust dollar capped further gains.
Total futures market volume fell by 3,760 to 10,346 lots. Data showed total open interest gained 318 to 239,896 contracts in the previous session.
The Spot Rate Committee of the Karachi Cotton Association on Tuesday increased the spot rate by Rs 300 per maund and closed it at Rs 18300 per maund. The Polyester Fiber was available at Rs 252 per kg.
Copyright Business Recorder, 2021
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