KARACHI: The Spot Rate Committee of the Karachi Cotton Association on Thursday decreased the spot rate by Rs 200 per maund and closed it at Rs 14000 per maund. Cotton Analyst Naseem Usman told Business Recorder that under the influence of international market local market remained bearish. Trading volume was a little bit low.

The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 200 per maund and closed it at Rs 14000 per maund. The Polyester Fiber was available at Rs 222 per kg.

The rate of cotton in Sindh is in between Rs 13500 to Rs 13900 per maund and the rate of cotton in Punjab is in between Rs 13700 to Rs 14000 per maund. The rate of the new crop of Phutti in Sindh was in between Rs 5700 to Rs 6100 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5700 to Rs 6050 per 40 kg. The rate of Banola in Sindh is in between Rs 1650 to Rs 1700 per maund. The rate of Banola in Punjab is in between Rs 1700 to Rs 1800 per maund. The rate of cotton in Balochistan is Rs 13700 to Rs 13800 per maund. The rate of Phutti in Balochistan is Rs 6100- 6800 per maund.

Nearly, 1600 bales of Saleh Pat were sold at Rs 13950 to Rs 14200 per maund, 2000 bales of Khair Pur were sold at Rs 13900 to Rs 14100 per maund, 800 bales of Nawab Shah were sold at Rs 13800 to Rs 13900 per maund, 1800 bales of Tando Adam were sold at Rs 13650 to Rs 13750 per maund, 1200 bales of Sanghar were sold at Rs 13650 to Rs 13700 per maund, 600 bales of Mir Pur Khas were sold at Rs 13600 to Rs 13775 per maund, 800 bales of Fort Abbas were sold at Rs 13975 to Rs 14000 per maund, 400 bales of Dera Ghazi Khan, 200 bales of Fazil Pur, 200 bales of Hasil Pur, 200 bales of Mureed Wala, 400 bales of Yazman Mandi, 600 bales of Faqeer Wali, were sold at Rs 14000 per maund, 800 bales of Layyah, 800 bales of Haroonanabad were sold at Rs 13950 to RS 14000 per maund, 200 bales of Khanewal were sold at Rs 14150 per maund, 400 bales of Bahwalpur were sold at Rs 13950 per maund, 400 bales of Ahmed Pur East were sold at Rs 14000 per maund, 400 bales of Mian Channu were sold at Rs 14050 per maund and 400 bales of Chichawatni were sold at Rs 14100 per maund.

The Cotton Crop Assessment Committee (CCAC) revised downward the cotton production target by 19.5 percent, i.e., from 10.5 million bales set for 2021-22 to 8.46 million bales, after missing the sowing target by 13.4 percent, it was learnt.

A meeting of the CCAC was held on Wednesday, which was chaired by Syed Fakhar Imam, Federal Minister for National Food Security and Research. Representatives of cotton growers, provincial agriculture departments, associations and senior officials of the NFS&R also attended the meeting.

Official sources revealed that a briefing was given to the committee and was informed that sowing target was set at 2.310 million hectares; however, cotton was sown on 1.871 million hectares i.e. 83.2 percent of the sowing target was achieved.

According to official documents, Punjab cultivated cotton on 1.279 million hectares against the target of 1.610 million hectares, i.e., missed by around 21 percent. Sindh was projected to cultivate cotton on 0.640 million hectares, but 93 percent target was achieved, i.e., 0.592 million hectares were cultivated. Khyber-Pakhtunkhwa (KPK) and Balochistan were projected to cultivate cotton on 0.0022 million hectares and 0.070 million hectares, respectively.

Sources revealed that the meeting was informed that after missing the sowing target, Punjab is estimated to produce 4.53 million bales of cotton against the target of 6.07 million bales set for 2021-22. Sindh is projected to produce 3.50 million bales against the target of four million bales. KPK will produce 0.0002 million bales against the target of 0.00417 million bales, while Balochistan is projected to produce 0.43 million bales, which was targeted for 2021-22.

The minister was briefed that the year 2020 saw 398.6 mm rainfall, which had a devastating impact on the production, whereas, this year the rainfall was 78.6mm, which has improved the prospect of overall production. Growers from Sindh and Punjab have also praised this act of the government and requested to replicate the same in sugarcane and wheat.

Copyright Business Recorder, 2021