Source: Business Recorder

August 12, 2020

KARACHI: Business remained stable on local cotton market on Tuesday however trading activities were affected due to rains in cotton belt of Sindh and Punjab. Market sources told that quality of Phutti as well as supply of the Phutti was affected due to the monsoon rains. Picking may also be affected due to rains.

Sources also told that the sowing area of cotton has decreased by 20 percent. The major reason for the decrease in the production of cotton is non-availability of good quality seeds and failure of concerned departments to control pest pressure.

Cotton Analyst Naseem Usman told that Pakistan Textile Exporters Association has appealed to the government for the continuation of sustainable energy package that is provision of electricity at 7.5 cent / Kwh (all inclusive) and RLNG @ US $ 6.5 / MMBTU for textile chain.

They also demanded that government should ensure timely payment of all the refunds & incentives. Government should also ensure payment of outstanding Duty Draw back of Taxes (DDT) and textile policy incentives (Technology Up-gradation Fund (TUF) & Mark up support and establishment of LTU at Faisalabad.

Naseem also said that in a meeting with Prime Minister Imran Khan and Chief Minister Punjab Usman Buzdar President Federation of Pakistan Chambers of Commerce and Industry Mian Anjum Nisar discuss various problems faced by the industry.

Naseem Usman told that 400 bales of Hyderabad, 400 bales of Maqsooda were sold at Rs 8250, 1200 bales of Khadro, 400 bales of Mirpurkhas, 1000 bales of Shahdad Pur, 1400 bales of Tando Adam were sold in between Rs 8250 to Rs 8300, 1000 bales of Sanghar were sold in between Rs 8275 to Rs 3000, 600 bales of Vehari were sold in between Rs 8350 to Rs 8500, 600 bales of Gojra, 600 bales of Momgi Bangla, 200 bales of Chichawatni, 200 bales of Haroonabad and 200 bales of Burewala were sold at Rs 8550.

He told that rate of cotton in Sindh was in between Rs 8250 to Rs 8350.The rate of cotton in Punjab is in between Rs 8500 to Rs 8550. He also told that Phutti of Sindh was sold in between Rs 3500 to Rs 3700 per 40 kg. The rate of Phutti in Punjab is in between Rs 3700 to Rs 4000 per 40 kg.

The rate of Banola in Sindh was in between Rs 1500 to Rs 1550 while the price of Banola in Punjab was in between Rs 1600 to Rs 1700. The Spot Rate remained unchanged at Rs 8300 per maund. The polyester fiber was available at Rs 155 per kg. (Source: Business Recorder)