Over 4.8m cotton bales reach ginneries: Cotton spot rate firm after PCGA report

LAHORE: The local cotton market on Friday remained steady and the trading volume remained low.

Cotton Analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh is in between Rs 18,000 to Rs 20,500 per maund.

The rate of cotton in Punjab is in between Rs 18,500 to Rs 20,000 per maund. The rate of Phutti in Sindh is between Rs 7,000 to Rs 8,300 per 40 kg. The rate of Phutti in Punjab is in between Rs 7,000 to Rs 9,200 per 40 kg.

Seed cotton (Phutti) equivalent to over 4.8 million or exactly 48,75,222 bales have reached ginning factories across the country till March 1,2023 registering decrease of 34.49 percent as compared to corresponding period of last year. According to a fortnightly report of the Pakistan Cotton Ginners Association (PCGA) released on Friday, over 4.8 million or 48,56,178 bales have undergone the ginning process i.e converted into bales.

Cotton arrivals in Punjab were recorded at over 2.9 million or 29,96,203 bales registering a decrease of 23.74 percent as compared to corresponding period of last year when arrivals were recorded 39,28,690 bales.

Sindh generated over 1.8 million or 18,79,019 bales registering a decrease of 46.51 pc as compared to the corresponding period of last year when arrivals were recorded 35,13,143 bales.

Textile sector bought 44,21,007 bales while exporters purchased 4900 bales and Trading Corporation of Pakistan (TCP) didn’t buy during the cotton season 2022-23.

Sanghar district of Sindh topped with 8,13,526 bales followed by Bahawalnagar district of Punjab with 6,06,914 bales. Total 97 ginning factories were operational in the country. Exactly 4,49,315 cotton bales unsold stock was available in ginning factories. The Spot Rate remained unchanged at Rs 20,000 per maund. Polyester Fiber was available at Rs 355 per kg.

Copyright Business Recorder, 2023