KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Saturday has increased the spot rate by Rs 50 per maund and closed it at Rs 8500 per maund. Bullish trend was witnessed in the local cotton market. Sources told that bullish trend was witnessed in the international market after the weekly report of USDA which shows 51 % increase in the export. Sources also told that quality of Phutti was affected due to the monsoon rains. Picking may also be affected due to rains.
Cotton Analyst Naseem Usman told that according to APTMA circles that distortions and inefficiencies in Pakistanâ€(tm)s energy sector and their consequential impact on consumers and businesses are not new to debates concerning sustained economic growth of the country.
He also told that The Punjab Agriculture Department (PAD) will soon submit new cotton varieties to the Punjab Seed Council (PSC) for approval; developed by the private and public agriculture sector scientists, having resistance against pink bollworm and white fly and potential to increase the production and reducing input cost by 40 percent.
This was disclosed at a meeting of the stakeholders of research and development in cotton's latest technology held at the Agriculture House on Friday with Minister Agriculture Punjab Malik Nauman Ahmad Langrial in the chair.
The meeting discussed the research being carried out by the private and public sector organizations and observed that achieving latest technology is necessary to support the cotton crop in Pakistan. The Minister expressed his happiness that researchers are getting extra-ordinary success in cotton crop. He said that new varieties of cotton will soon be available to farmers after completing all the formalities and analysis of data.
Director General Agriculture (Extension) Dr. Anjum Ali Buttar, DG (Research) Dr. Abid Mahmood, Director Cotton Research Institute Multan Dr. Sagheer Ahmad, Chief Media Adviser Shahid Qadir and others were also present on this occasion.
Companies on this occasion briefed the meeting about some new varieties having resistance against diseases, especially pink bollworm and white fly. The Minister stressed upon the researchers to come up with new seed which could face the wrath of climate change as old cotton seeds are unable to face the changes. He hoped that new seed will see less attack by pests thus reducing the input cost.
While ICE cotton futures fell on Friday, weighed down by expectations of excess supply in the market and a rebound in the dollar, through the natural fiber was still on the track for its biggest weekly gain in three.
Naseem Usman told that 200 bales of Kotri were sold at Rs 8550, 1000 bales of Tando Adam were sold in between Rs 8350 to Rs 8450, 1200 bales of Sanghar were sold in between Rs 8350 to Rs 8400, 1200 bales of Sanghar were sold in between Rs 8350 to Rs 8400, 600 bales of Chichawatni were sold at Rs 8700 to Rs 8750, 400 bales of Khanewal, 400 bales of Burewala, 400 bales of Mianchannu were sold at Rs 8700 and 400 bales of Haroonabad were sold at Rs 8650.
He also told that rate of cotton in Sindh was in between Rs 8400 to Rs 8450.The rate of cotton in Punjab is in between Rs 8700 to Rs 8750. He also told that Phutti of Sindh was sold in between Rs 3800 to Rs 400 per 40 kg. The rate of Phutti in Punjab is in between Rs 3800 to Rs 4100 per 40 kg.
The rate of Banola in Sindh was in between Rs 1450 to Rs 1550 while the price of Banola in Punjab was in between Rs 1700 to Rs 1800. The Spot Rate Committee of Karachi Cotton Association has increased the rate of cotton by Rs 50 per maund and closed it at Rs 8500 per maund. The polyester fiber was available at Rs 153 per kg.
Copyright Business Recorder, 2020