KARACHI: Cotton prices remained steady on sustained demand on Saturday. However, slow phutti arrivals and quality constraints restricted the trading activity.
A few ginning mills in Punjab also started partial operations but high content of moisture was affecting quality of lint.
The agriculture department has warned growers to keep a vigil and do regular scouting because there is all possibility of pest attack due to moisture and stagnant rain water in the fields. However, it was encouraging that so far no damage to the standing cotton crop was reported from the cotton growing areas.
Consequently, phutti prices both in Sindh and Punjab declined between Rs300 to Rs500 per 40kg during the week which was quite disturbing for growers.
The Punjab variety phutti was being quoted in the range of Rs2,800 to Rs3,140 and Sindh quality between Rs2,600 to Rs3,050 per 40kg. Similarly, lint was being quoted between Rs6,300 to Rs6,400 for Sindh quality and Rs6,500 to Rs6,550 for Punjab.
Cotton analyst Naseem Usman said that since there has been around 12 to 15 per cent higher sowing this season there is a greater possibility, if rain doesn’t cause any damages, the lint production would be higher.
The Karachi Cotton Association (KCA) left its spot rates steady at overnight level.
The following deals were reported to have changed hands on the ready counter: 200 bales, Mirpurkhas, at Rs6350; 200 bales, Sinjoro, at Rs6350; 200 bales, Hyderabad, at Rs6,350; 200 bales, Kotri, at Rs6,350; 600 bales, Tando Adam, at Rs6,350 to Rs6,400; 1,000 bales, Sanghar, at Rs6,350 to Rs6,400; and 200 bales, Pithoro, at Rs6,400.
Published in Dawn, July 23rd, 2017
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