LAHORE: The local cotton market on Thursday was steady and the trading volume remained satisfactory.
Cotton Analyst Naseem Usman told Business Recorder that the rate of new crop of cotton in Sindh is in between Rs 16,800 to Rs 16,900 per maund. The rate of Phutti in Sindh is in between Rs 6,600 to Rs 7,200 per 40 kg.
The rate of cotton in Punjab is in between Rs 17,300 to Rs 17,500 per maund and the rate of Phutti is in between Rs 7,200 to Rs 8,000 per 40 kg. The rate of cotton in Balochistan is Rs 16,900 to Rs 17,000 per maund while the rate of Phutti is in between Rs 6,800 to Rs 7,300 per 40 kg.
The federal government has finally decided to intervene in the Cotton market and directed the Trading Corporation of Pakistan (TCP) to buy cotton to stabilize falling prices and ensure the minimum support price.
Secretary of Agriculture Punjab Iftikhar Ali Sahoo chaired a meeting on Crop Management and Monitoring and said that TCP will soon start ensuring better compensation for cotton growers and the government will fulfill its commitment to maintaining the minimum support price mechanism, according to a national daily.
It is to be noted that the government announced Rs 8,500 per 40 kg support price for cotton in March when the cultivation began and the step was hailed across the farming community and textile sector but since then, it has failed to ensure minimum support price as cotton is now being sold for as low as Rs 6,500 per 40 kg.
Prices are also falling since the cotton crop has shown massive production this year and the target is likely to be achieved.
The Secretary of Agriculture also ordered increased field inspection with divisional expert groups, cotton pest scouting, surveillance, and monitoring to control pest attacks as two months are critical in this regard. The weather is favourable and pest infestation is within control, so far.
Representatives from Pakistan Cotton Ginners Association (PGCA) told the Secretary of Agriculture that harvesting of early cotton sown in February is going, and production numbers are looking good so far with around 60 factories operational in the province and a record number of yarn reaching the ginning factories.
Director General of Agriculture Extension Punjab, Dr Anjum Ali endorsed the sentiment and added that while there have been some reports of Thrips attacks, it has not yet reached the Economic Threshold Level (ETL) and teams from Agriculture Extension and Pest Warning have been proactive in their efforts to control it.
Around, 800 bales of Mir Pur Khas were sold in between Rs 16,900 to Rs 17,000 per maund, 1800 bales of Shahdad Pur were sold in between Rs 16,900 to Rs 17,100 per maund, 3600 bales of Tando Adam, 1200 bales of Sanghar, 600 bales of Shah Pur Chakar were sold at Rs 16,800 to Rs 17,000 per maund, 600 bales of Hyderabad, 600 bales of Kotri were sold at Rs 16,900 to Rs 17,000 per maund, 1400 bales of Nawab Shah were sold in between Rs 17,000 to Rs 17,050 per maund, 1,000 bales of Chaudagi were sold at Rs 16,950 to Rs 17,000 per maund, 400 bales of Jhole were sold at Rs 16,900 per maund, 400 bales of Winder were sold at Rs 16,975 to Rs 17,000 per maund, 600 bales of Mian Channu, 200 bales of Sahiwal, were , 800 bales of Pir Mehal, 600 bales of Chichawatni, 200 bales of Mongi Bangla were sold at Rs 17,500 per maund, 400 bales of Jahanian were sold at Rs 17,400 per maund, 1200 bales of Layyah were sold at Rs 17,500 to Rs 17,600 per maund, 200 bales of Tounsa, 400 bales of Sadiqabad were sold at Rs 17,500 per maund, 1600 bales of Vehari were sold at Rs 17,400 to Rs 17,700 per maund, 1200 bales of Burewala were sold at Rs 17,400 per maund, 800 bales of Khanewal were sold at Rs 17,500 to Rs 17,600 per maund.
The Spot Rate remained unchanged at Rs 17,000 per maund. Polyester Fiber was available at Rs 350 per kg.
Copyright Business Recorder, 2023
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