KARACHI: Trading activities remained stable on the local cotton market on Monday. Market sources told that quality of Phutti was affected due to the monsoon rains. Picking of cotton 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 the Supreme Court has announced its decision on Gas Infrastructure Development Cess (GIDC), directing recovery of GIDC payables from the industries, on Thursday. The court has ordered companies to pay outstanding amount of Rs 417 billion.
Naseem also told that bullish trend was witnessed in the rate of cotton in Pakistan while downward trend was witnessed in international cotton market. He told that it is expected that big deals were signed in the areas related to cotton products during the visit of Chinese President to Pakistan.
While according to media reports cotton demand is fast rebounding after easing lockdown as textile companies are abuzz with reviving industrial activities to include Pakistan among the worlds top recipients of foreign orders post shut down, people familiar with the development.
While regional president International Apparel Federation and President Pakistan Ready made Garments Manufactures and Exporters Association chief Ijaz A Khokhar has underscored the need of establishing central, provincial and regional task forces to determine the issues confronted by the industry.
Naseem Usman told that 100 bales of Sanghar were sold at Rs 8250, 2600 bales of Tando Adam were sold at Rs 8250 to Rs 8300, 1800 bales of Shahdadpur were sold in between Rs 8250 to Rs 8300, 400 bales of Hyderabad were sold in between Rs 8225 to Rs 8250, 400 bales of Kotri were sold at Rs 8225, 600 bales of Mirpurkhas were sold at Rs 8200, 400 bales of Mongi Bangla were sold at Rs 8650, 200 bales of Kasowal, 100 bales of Chichawatni, 400 bales of Samunderi were sold at Rs 8650 and 200 bales of Haroona bad were sold at Rs 8600.
He also told that rate of cotton in Sindh was in between Rs 8225 to Rs 8300.The rate of cotton in Punjab is in between Rs 8600 to Rs 8700. He also told that Phutti of Sindh was sold in between Rs 3400 to Rs 3600 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 8350 per maund. The rate of polyester fiber was decreased by Rs 2 per kg and was available at Rs 153 per kg.
Copyright Business Recorder, 2020
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