KARACHI: The rate of cotton remained stable in the cotton market on Saturday. Market sources told that demand of Phutti increased as the ginning factories has started their operations. The textile mills were taking interest in the buying of new and old cotton as the mills have started getting export orders.
Cotton Analyst Naseem Usman told that 1400 bales of old cotton of Rahim Yar Khan was sold between Rs7900 to Rs8800. 400 bales of Alipur were sold at Rs8350, 400 bales of Muhammadpur Dewan at Rs8000, 200 bales of Mian Channu at Rs7850, 100 bales of Vehari at Rs7850 and 1000 bales of Jalalpur were sold at Rs8000.
According to the news reports locusts attack on the fields in Rahim Yar Khan and Khairpur and destroyed different crops.
Nasseem Usman told minister for National Food Security and Research Syed Fakhir Imam in a press conference showed his apprehension that locusts may attack Pakistan in July. They can come from Afghanistan, Iran, Africa, Oman and from India. The government of Pakistan is taking steps to save the crop from the attack of locusts. In this regard National Disaster Management Authority has ordered 11 aeroplanes for spraying in the fields. He also said that China is also helping us in controlling the locust attack.
Meanwhile, talking to the delegation of Pakistan Cotton Ginners Association Fakir Imam said that efforts are under way to develop agriculture sector on scientific lines to enhance yield of major crops including wheat, cotton and rice. He also said that production of cotton in the country can be increased by using latest scientific techniques. The mattes related to tax refunds and liquidity crunch were discussed in the meeting.
Naseem further said that it is expected that rains will start from June 23 and it will continue till July 2. The rains will be good for the cotton crop.
Naseem Usman also said that rate of new cotton of Sindh and Punjab is in between Rs8350 to Rs9000 per maund. The rate of old cotton is in between Rs7700 to Rs8800 per maund.
He told that Phutti of Sindh was sold in between Rs4000 to Rs4350 per 40 kg. The rate of Phutti in Punjab is in between Rs4400 to Rs4500 per 40 kg.
The rate of Banola is Sindh was in between Rs1800 to Rs1900 while the price of Banola in Punjab was in between Rs2000 to Rs2100.
He also said that the spot rate remained unchanged at Rs8100 per maund. The polyester fiber was available at Rs155 per kg.
Copyright Business Recorder, 2020