LAHORE: Trading activity failed to show visible improvement on the local cotton market on Friday as most of the leading buyers were not very active apparently because of lack of market moving factors. The spot rate remained unchanged.
Cotton Analyst Nasseem Usman while talking to Business Recorder said that price of Punjab’s Phutti attracted per 40 kilograms prices from Rs 7000 to Rs 8600. Cotton of Sindh was traded from Rs 15500 to Rs 20,000 per maund, Punjab’s cotton was traded from Rs 16500 to Rs 20,000 per maund. He told that 1200 bales of Rahim Yar Khan were sold at Rs 19500 per maund.
He also told that 200 bales of Fort Abbas were sold at Rs 19350 per maund, 400 bales of Khanewal were sold at Rs 19800 per maund, 300 bales of Mian Wali, 400 bales of Lodhran, 600 bales of Jalal Pur were sold at Rs 20, 000 per maund.
Seed cotton (Phutti) equivalent to over 7.4 million or exactly 74,20,917 bales have reached ginning factories across the country till February Ist, 2022 registering increase of 33.19 percent as compared to corresponding period of last year.
According to a fortnightly report of Pakistan Cotton Ginners Association (PCGA) released on Thursday, over 7.4 million or 74,10,296 bales have undergone the ginning process i.e converted into bales.
Cotton arrivals in Punjab were recorded at over 3.9 million or 39,08,686 bales registering a surplus of 13.73 percent as compared to corresponding period of last year when arrivals were recorded 34,36,731 bales.
Sindh generated over 3.5 million or 35,12,231 bales registering an increase of 64.51 pc as compared to corresponding period of last year when arrivals were recorded 21,34,935 bales.
Textile mills bought 72,33,312 bales while exporters purchased 16,000 bales and Trading Corporation of Pakistan (TCP) didn’t buy during the cotton season 2021-22.
Chairman Karachi Cotton Brokers Forum Naseem Usman while commenting on the report said that this year sowing season of cotton started one month earlier. Weather conditions remain favourable while the government has announced the support price of Phutti at the rate of Rs 5000 per 40 Kg.
He also told that this year due to the arrival of Afghani Phutti and seed in many areas Afghani cotton was cultivated so we can say that this year Pak- Afhan cotton was prepared.
The Spot Rate remained unchanged at Rs 19700 per maund. Polyester Fiber was available at Rs 263 per kg.
Copyright Business Recorder, 2022
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