KARACHI: Cotton prices rose for the second session on Friday on panic buying by needy spinners in view of falling phutti arrivals into ginneries.
The current heatwave in Sindh and Punjab has slowed down phutti-picking operations causing cotton shortage at a time when the textile industry normally starts to build up its inventories. Ginners with limited stocks tried to take full advantage of the situation and quoted higher prices.
Talking to Dawn, Pakistan Cotton Ginners Association (PCGA) Chairman Dr Jassumal Leemani said cotton picking would be in full swing in mid-October.
He disclosed that the Pakistan Central Cotton Committee (PCCC) meeting held on Friday proposed for restructuring of cotton policy by taking all the stakeholders on board.
The PCGA chief estimated that the crop size would be around 12.5-13 million bales. “Pest attacks due to recent rains in lower Sindh have badly affected cotton quality. However, cotton crop in Punjab is satisfactory so far,” he added.
The world leading cotton markets including New York cotton closed steady. Due to surge in demand for cotton, the Karachi Cotton Association (KCA) revised its spot rates upward by Rs50 to Rs6,100 per maund.
The following major deals were reported on Friday: 1,400 bales, Tando Adam, at Rs5,900 to Rs6,000; 1,600 bales, Shahdadpur, at Rs6,000; 2,000 bales, Nawabshah, at Rs6,125 to Rs6,150; 1,000 bales, Saleh Pat, at Rs6,175 to Rs6,200; 4,000 bales, Khairpur, at Rs6,200 to Rs6,250; 1,000 bales, Haroonabad, at Rs6,175 to Rs6,200; 600 bales, Faqirwali, at Rs6,200; 600 bales, Chishtian, at Rs6,200 to Rs6,225; 800 bales, Burewala, at Rs6,225 to Rs6,250; 600 bales, Rajanpur, at Rs6,300; 600 bales, Khanpur, at Rs6,300; 400 bales, Dera Ghazi Khan, at Rs6,300; 800 bales, Khanewal, at Rs6,300; 400 bales, Fazilpur, at Rs6,250 to Rs6,300; and 400 bales, Vehari, at Rs6,225 to Rs6,300.
Published in Dawn, September 23rd, 2017
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