KARACHI: The rates of the cotton remained stable in the local market on Tuesday. Market sources told that due to the monsoon rains the quality and supply of the Phutti was also affected. Ginners were buying Phutti according to their needs. The recent rains in Sindh and other parts of the country are good for cotton crop. The picking of cotton was affected due to rains in the different parts of the country.
Cotton Analyst Naseem Usman told that Minister for National Food Security and Research Syed Fakhir Imam said that cotton hedging could be an alternative source of marketing for giving a level playing field and facilitating a smooth flow of national and international trading in cotton.
Moreover, press release issued by the Karachi Cotton Association says that KCA understands from the reports appeared in a section of press that while chairing a meeting on cotton by Federal Minister for National Food Security and Research, the official of Pakistan Mercantile Exchange Limited (PMEX) discussed with the Federal Minister in detail the proposal of Hedge Trading in cotton.
The KCA believes that in order to stabilise cotton prices in the country, Hedge Trading in cotton should be resumed for the benefit of the cotton trade under the aegis of the Karachi Cotton Association with the consultation of all stake holders of cotton economy as cotton marketing involves a tremendous business risk, it was therefore, necessary that there should be some form of price insurance to reduce the risk of volatile fluctuation in prices.
Meanwhile, All Pakistan Textile Mills Association has urged the government for uninterrupted supply of gas at reduced rates to textile industry.
Zahid Mazhar, Chairman APTMA Sindh-Balochistan region has demanded the government for continuous and uninterrupted supply of natural gas to the industries of Balochistan and Sindh and they should not be deprived of their constitutional right in supply of natural gas under Article 158 of the Constitution of Pakistan as Sindh - Balochistan was producing about 85 percent of the indigenous gas produced in the country.
Pakistan Businessmen and Intellectual Forum President Mian Zahid Hussain also urged the Prime Minister Imran Khan that there should be no increase in electricity tariff for Karachi and the power utility should be asked to reduce power theft and line losses.
As the world wide economy has been facing slowdown in the post Corona scenario, and all international textile exhibitions have been cancelled, the Pakistan Readymade Garments and Exporters Association has taken the initiative to participate in the Digital Global Apparel Sourcing Expo, adopting latest trend to explore world market for Pakistani apparel goods through virtual mode.
Naseem told that 1200 bales of Tando Adam were sold at Rs 8325 to Rs 8350, 600 bales of Shahdadput were sold at Rs 8350, 1200 bales of Sanghar were sold at Rs 8350, 400 bales of Kotri were sold at Rs 8350, 800 bales of Shahpur Chakar were sold at Rs 8390. 200 bales of Gularchi were sold at Rs 8300, 200 bales of Burewala were sold at Rs 8675, 200 bales of Haroonabad were sold at Rs 8700, 200 bales Chichawatni were sold at Rs 8650 and 100 bales of Mian Channu were sold at Rs 8650.
Naseem Usman also said that rate of new cotton of Sindh is in between Rs 8350 to Rs 8400 per maund while in Punjab the rate of new cotton is in between Rs 8600 to Rs 8700 per maund.
He told that Phutti of Sindh was sold in between Rs 3500 to Rs 3800 per 40 kg. The rate of Phutti in Punjab is in between Rs 3700 to Rs 4200 per 40 kg.
The rate of Banola in Sindh was in between Rs 1600 to Rs 1650 while the price of Banola in Punjab was in between Rs 1700 to Rs 1750.
The Spot Rate remained unchanged at Rs 8350 per maund. The polyester fiber was available at Rs 157 per kg.
Copyright Business Recorder, 2020
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