LAHORE: The local cotton market on Thursday remained bullish and the trading volume remained low. The spot rate remained unchanged.
Cotton Analyst Nasseem Usman while talking to Business Recorder said that price of Punjab’s Phutti attracted per 40 kilograms prices from Rs 7000 to Rs 8600. Cotton of Sindh was traded from Rs 15500 to Rs 20,000 per maund, Punjab’s cotton was traded from Rs 16500 to Rs 20,000 per maund. He told that 1200 bales of Rahim Yar Khan were sold at Rs 19500 per maund.
He also told that 2000 bales of Mianwali were sold at Rs 19000 per maund, 800 bales of cotton were sold at Rs 16000 to Rs 17800 per maund, 500 bales of Rahim Yar Khan were sold at Rs 18000 per maund and 400 bales of Ali Pur were sold at Rs 17800 per maund.
Seed cotton (Phutti) equivalent to over 7.4 million or exactly 74,20,917 bales have reached ginning factories across the country till February Ist, 2022 registering increase of 33.19 percent as compared to corresponding period of last year.
According to a fortnightly report of Pakistan Cotton Ginners Association (PCGA) released on Thursday, over 7.4 million or 74,10,296 bales have undergone the ginning process i.e converted into bales. Cotton arrivals in Punjab were recorded at over 3.9 million or 39,08,686 bales registering a surplus of 13.73 percent as compared to corresponding period of last year when arrivals were recorded 34,36,731 bales.
Sindh generated over 3.5 million or 35,12,231 bales registering an increase of 64.51 pc as compared to corresponding period of last year when arrivals were recorded 21,34,935 bales.
Textile mills bought 72,33,312 bales while exporters purchased 16,000 bales and Trading Corporation of Pakistan (TCP) didn’t buy during the cotton season 2021-22.
Sanghar district of Sindh topped with cotton arrival figure of 13,19,044 bales followed by Bahawalnagar district of Punjab with 11,21,226 bales. Total 33 ginning factories were operational in the country. Exactly 1,71,605 cotton bales unsold stock was available in ginning factories.
After years of drought, Cotton Australia is forecasting the industry’s second largest crop on record due to favourable conditions across most of Australia’s cotton growing regions.
The drought-impacted 2019-20 yield was less than 590,000 bales and that was the worst result in recent history. That was followed last year with a yield of 2.8 million bales.
Cotton Australia CEO Adam Kay said substantial rain late last year and early this year have growers feeling optimistic, and if good conditions continue, a crop of around 5.2 million bales is possible.
Kay said some regions haven’t had enough rain and others have suffered severe flooding, but the majority of growing regions have benefited from favourable conditions.
“It goes to show how diverse our cotton growing regions are with some farmers separated by thousands of kilometres. But what is clear is that most of Australia’s 1500 growers are busy preparing for a good year and hoping they can find staff to help them through to harvest,” Mr Kay said.
While the yield per hectare can also vary significantly, particularly with dryland and irrigated cotton, some are forecasting 12-14 bales a hectare under irrigation.
The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 200 per maund and closed it at Rs 19700 per maund. Polyester Fiber was available at Rs 263 per kg.
Copyright Business Recorder, 2022s
Comments
Comments are closed.