Weekly Cotton Review: Cotton price remains stable in local market

KARACHI: The rate of cotton in local market remained stable with trading at Rs 12,200 per maund. The Phutti trading of new season started in the local cotton market as the market opened after two weeks Eid holidays. The partial trading of Phutti started and the trading on Rate of Promise (Waday Ka Bhao) of Phutti has started.

The rate of Phutti opened at Rs 5000 to Rs 5500 per 40 kg. Ginners were also showing interest in buying of Phutti. Moreover, ginning factory of Burewala had sold 200 bales of cotton of Sindhi at the rate of Rs 12500 per maund on the condition of delivery in between June 10 to 20. Around 600 bales of Tandoo Adam were sold at Rs 12,200 per maund While 200 bales of Sanghar were sold at Rs 12200 per maund on the condition of delivery in between June 10 to June 20.

During the Eid holidays, the rate of cotton in international cotton market especially the rate of New York Cotton which was 86 cent per pound, after decreasing reached at 82 cents per pound. In the meantime, some mills have made new deals. Private importers told that during the Eid holidays deals have been made for the import of 150,000 to 200,000 bales. The rate of imported cotton is high so it is being considered that deal will be made between Rs 11,000 to 11,500 per maund.

In Sindh, cotton was available in very limited amount and no trading was reported. However, according to estimates its rate was in between Rs 10500 to Rs 11000 per maund. Moreover, good quality cotton was available with some ginners in Punjab demanding more than Rs 12500 per maund.

The Spot Rate Committee of the Karachi Cotton Association has stabled the rate of cotton at Rs 11,300 per maund.

Chairman Karachi Cotton Brokers Forum Naseem Usman told that according to the information the sowing of cotton is good in cotton growing areas of lower Sindh and Punjab. If weather conditions remain favourable, it is expected that cotton production will be good.

The biggest problem faced by farmers is low quality cotton seed and attack of White fly when crop is ready. It must be treated immediately otherwise the cotton crop will be severely damaged again.

India has overcome the white fly then why we are unable to control it in Pakistan. Government should take positive steps to control the white fly attack and pink ball worm in order to save the cotton crop.

The new crop of cotton has arrived but so far contrary to the claims that the support price of cotton will be fixed. It has not been fixed yet.

Patron in chief All Pakistan Textile Mills Association Gohar Ijaz urges government that without reducing energy prices textile exports will not be increased. Gohar Ijaz who was nominated as chairman of Cotton Task Force by Prime Minister Imran Khan five months back . Now after five months it is very unfortunate that question were raised on its existence that whether it exists or not. No implementation was seen on the positive announcements made by the government regarding increasing the production of cotton in the country.

The cotton crop from lower areas of Sindh is almost ready to arrive but in some areas there is a problem of water shortage due to which cotton production may be effected.

Central Cotton Institute Multan has introduced a low cost and environment friendly cotton producing technology. According to the director Central Cotton Institute Multan Dr Zahid Mahmood this technology has been named as Low Expenditure and Environment Friendly Tech (LEEF TECH). Zahid said it will be helpful in reducing the cost as well as increasing the production of cotton in the country.

More over, secretary agriculture South Punjab Saqib Ali said government is very serious to promote agriculture and in this regard government has announced policies.

The process of research in introducing new varieties of seeds of cotton has been escalated. Government is aware of the importance of cotton and is trying its level best to increase the production of cotton but private sector should play its role in this regard.

While expressing his views convener of the regional committee of FPCCI on cotton and textile Malik Talat Sohail said FPCCI is running awareness campaign for the last two months to motivate the farmers.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles

News Updates

We send periodic News Updates to your email. Stay Updated!

Get Job Alerts / News via Email