LAHORE: The local cotton market on Monday remained steady and the trading volume remained satisfactory.
Cotton Analyst Naseem Usman told Business Recorder that there is no trading of Phutti in the market because Cotton ginners across the country have gone on an indefinite strike to protest against new taxes and an “exorbitant” rise in the power tariff for ginning units.
A general body meeting of the Pakistan Cotton Ginners Association (PCGA) held in Sukkur on Sunday decided to immediately suspend the procurement of raw cotton and delivery of the ginned lint to spinning units across the country as a protest.
Cotton ginners are already paying 11 different types of taxes due to which they are suffering from severe financial hardship,” said PCGA chairman Chaudhry Waheed Arshad, adding that it was not possible “for us to continue the ginning business” any more. While speaking to hundreds of ginners who had gathered from across the country, Arshad announced the “unanimous” decision to stop the purchase of raw cotton immediately.
He also said that the rate of new cotton in Sindh is in between Rs18,300 to Rs18,500 per maund. The rate of Phutti in Sindh is in between Rs8,000 to Rs8,500 per 40 kg.
The rate of cotton in Punjab is in between Rs18,500 to Rs19,500 per maund. The rate of Phutti in Punjab is in between Rs9,000 to Rs9,200 per 40 kg.
200 bales of Shahdad Pur were sold at Rs18,000 per maund, 800 bales of Tando Adam were sold at Rs18,000 to Rs18,200 per maund, 600 bales of Sanghar were sold at Rs17,900 to Rs18,200 per maund, 200 bales of Mir Pur Khas were sold at Rs17,950 per maund and 200 bales of Kotri were sold at Rs17,950 per maund.
The Spot Rate remained unchanged at Rs18,000 per maund. Polyester Fiber was available at Rs367 per kg.
Copyright Business Recorder, 2024
Comments
Comments are closed.