KARACHI: A significant reduction of Rs 400 per maund in the price of cotton observed. The crops were affected due to rains. There is a threat of attack of White Flies and Laal Sundi in September and October due to which cotton crop may be affected. Hint of evolving a strategy for the provision of quality seeds in abundance from next year.
In the local cotton market during the last week due to the lack interest by spinning mills in buying and selling of cotton by ginners in panic the rate of cotton witnessed a significant reduction of Rs 400 to Rs 500 per maund. The reason behind the reduction of the rate is that due to the rains, the quality of the cotton produced at present is poor, especially in the province of Sindh. Low quality cotton was sold at Rs 7500 per maund in Sindh. The quality of cotton in Punjab is better as compared to the quality of cotton in Sindh due to which the rate is better in Punjab.
In Sindh the rate of cotton as per quality is in between Rs 7500 to Rs8200 per maund. The rate of Phutti is in between Rs 3000 to Rs 3800 per 40 kg while the rate of Banola is in between Rs 1550 to Rs 1600 per maund.
The rate of cotton in Punjab is in between Rs 8500 to Rs 8650. The rate of Phutti is in between Rs 3300 to Rs 4000 per 40 kg while the rate of Banola is in between 1700 to Rs 1750 per maund.
In Balochistan the rate of cotton is in between Rs 8200 to Rs 8300 per maund while the rate of Phutti as per quality is in between Rs 4000 to Rs 4800 per 40 kg.
The Spot Rate Committee of the Karachi Cotton Association has decreased the spot rate by Rs 350 per maund and closed it at Rs 8550 per maund.
Chairman Karachi Cotton Brokers Forum Naseem Usman told that mixed trend was witnessed in international cotton market. Mixed trend was witnessed in the Rate of Promise (Waday Ka Bhao) of New York cotton.
Tensions continue between China and the United States. While due to fluctuation in the rate of dollar there is a fluctuation in the Rate of Promise (Waday Ka Bhao) of New York Cotton. There is a decrease in the export according to the weekly USDA report however China remained biggest buyer while the rate of cotton remained stable in China while cotton prices also remained relatively stable in Brazil and Argentina.
While chairing the third meeting of the Cotton Crop Management Group at Central Cotton Research Institute Multan minister agriculture Punjab Malik Noman Ahmad Langrial said that the government is working hard to solve the problems of the farmers and every possible relief will be provided to the farmers.
While chairing the meeting the minister gave the breaking news to the farmers that 2021 will be the year of the revival of cotton crop and the availability of the good quality seeds. The minister further said those bad days for the cotton is going to be over and as a next year's strategy government will ensure that farmers are provided with good yielding technology-enriched seeds. These seeds will be prepared keeping in mind the problems faced by climate change, but they will also be effective against cotton bugs, especially whiteflies and pink ball worm.
The government of Punjab has already formulated a strategy for next year and an 18-member committee has already been formed on it. The purpose of formulation of the committee is to work on priority basis for the production of quality seeds for farmers on the priority basis.
According to the research Pink Ball worm is found in almost all cotton-producing countries, and this is more harmful than other cotton insects. The threat of attack of Pink Ball Worm is more in the months of September and October as compared to other months. In these months eighty percent of the growth took place. At the same time, it is very important to avoid attack of Pink Ball worm. Due to the decrease in temperature, due to rains and increase in humidity, its breeding shows progresses. At this critical stage, crop care is very important.
More over it is expected that issue of Gas Infrastructure Development Cess (GIDC) will be resolved soon. Chairman All Pakistan Textile Mills Association Dr Amanullah Kasim Machiyara proposed to Advisor on finance that due to severe financial crisis, the payment is proposed to be made in ten years. With increase in the demand of local textile products, there is a little bit increased in demand and rate of cotton products but difficulties remain in payments.
Copyright Business Recorder, 2020
Comments
Comments are closed.