KARACHI: Improvement in the price of cotton was seen during previous week and business volume also remained satisfactory.
It is said that the cotton sector could salvage the national economy due to its strength in generating resources. Cotton inspectors are urged to ensure implementation of Cotton Control Act in Punjab and Sindh.
Separately, the Trading Corporation of Pakistan (TCP) will buy ten lac bales at the intervention price of Rs 8,500 in order to keep the price stable.
The prices of cotton in the international cotton market have increased due to the news that cotton production in the United States is about 25 lac bales which is less than the first estimate.
However, Punjab Seed Council (PSC) on Friday approved two new Bt cotton varieties developed by agriculture scientists of Central Cotton Research Institute (CCRI) Multan.
In the domestic cotton market, overall cotton prices improved due to interest in buying by textile mills and spinners during the last week. The quality of cotton is getting relatively better after the rains. Due to this, more and more textile mills are now buying cotton.
On the other hand, due to lower yield, the price of Phutti has increased. The TCP is also preparing to buy cotton from the market for which a strategy has already been prepared. An international company has already been procuring cotton.
If TCP starts buying, apart from textile mills, two more buyers will be active in the market. It would to be seen that what will be TCP’s strategy in the rule of the caretaker government. If 10 lac bales have to be bought, arranging sufficient funds for it would be quite difficult. Moreover, the International Monetary Fund (IMF) may also be a hurdle. All these factors would have to be considered by the caretaker setup. However, as the problems of ginners are increasing gradually, it is also to be seen that who will resolve the overall issues of the textile sector.
The rate of cotton in Sindh is in between Rs 17,800 to Rs 18,200 per maund while the rate of Phutti is in between Rs 7,800 to Rs 8,300 per 40 kg. The rate of cotton in Punjab is in between Rs 17,900 to Rs 18,500 per maund and the rate of Phutti is in between Rs 7,600 to Rs 9,000 per 40 kg.
The rate of cotton in Balochistan is in between Rs 17,800 to Rs 17,900 per maund while the rate of Phutti is in between 7,700 to Rs 8,300 per 40 kg. The rate of Khal, Banola and oil remained stable.
The Spot Rate Committee of the Karachi Cotton Association increased the spot rate by Rs 2,00 per maund and closed it at Rs 18,235 per maund.
Naseem Usman, chairman of Karachi Cotton Brokers Forum, said that the price of cotton in the international cotton market has increased due to the news that cotton production in the United States is about 25 lac bales which is less than the first estimate. The rate of Future Trading of New York Cotton remained 87.89 American cents. Increasing trend was witnessed in the rate of cotton in India.
According to the USDA weekly export and sales report of 2023-24, two lac and seventy seven thousand and seven hundred bales were sold.
China was at the top by buying one lac and fifty four thousand and hundred bales.
Pakistan came second by purchasing one lac thirty two thousand and eight hundred bales. Vietnam bought 13,900 bales and ranked third. For the year 2024-25, 3,000 bales were sold, and purchased by El Salvador.
A cotton value chain matching international standards can serve as a potent source of enhanced revenue and income provided the cotton standardization and grading system is fully enforced and cotton inspectors flawlessly implement the cotton control act across the cotton belt stretching from Punjab to Sindh.
This was stated by eminent cotton scientist, Director Pakistan Cotton Standards Institute (PCSI), Dr Tasawur Hussain Malik while addressing the concluding session of a 10-day training programme on cotton grading and classification in Multan. ‘The cotton sector could become our ‘IMF” due to its strength in generating resources, the director of PCSI said.
However, Punjab Seed Council (PSC) on Friday approved two new Bt cotton varieties developed by agriculture scientists of Central Cotton Research Institute (CCRI) Multan, making the 45-maunds plus potential production varieties accessible to farmers for general cultivation once the National Bio-Safety Committee (NBC) gives a go-ahead to the new entrants to the cotton seed family of Pakistan.
Cotton Commissioner Dr Zahid Mahmood, who earlier served as director of CCRI Multan, presented the case of two varieties before a big panel of scientists from across Punjab in the 57th PSC meeting chaired by the Punjab agriculture minister in Lahore, a press release issued by CCRI Multan said.
The Bt varieties including CIM-775 and Cyto-511 possess characteristics like good quality fibre, better production potential, and resistance against Cotton Leaf Curl Virus (CLCuV). CCRI Multan has already sent a letter to National Bio-Safety Committee (NBC) for approval of the two varieties. The agriculture scientists congratulated Dr Zahid on the development. Dr Zahid said that the research institutes working under the umbrella of the Pakistan Central Cotton Committee (PCCC) would continue to introduce new climate-smart and cost-effective varieties with the best quality traits.
He said that varieties from CCRI Multan’s Plant Breeding and Genetics and Cyto Genetics department scientists would continue to grab the attention of the farming community. He said that Bt Cyto-511 was heat resistant with the potential of higher production in extremely hot weather conditions while Bt CIM-775 was a marvellous variety having resistance against the sucking pests.
Copyright Business Recorder, 2023