KARACHI: The cotton market failed to attract activity for second consecutive session on Tuesday as rising temperature on political front and growing uncertainty kept trade activity restricted.
The spinners were conspicuous by their absence. Even small millers who normally indulge in day to day buying were not seen in the trading ring.
On the global front the situation was no different as major cotton markets closed easy on slow exports and domestic demand. This is a normal situation during off-season, said a leading broker.
Market reports suggest very little cotton stocks are presently held by ginners. Much of these unsold stocks are of low quality lint which has failed to attract buyers.
Meanwhile, the sowing situation is still far from satisfactory as irrigation water is not available in many cotton growing areas of lower Sindh including Dadu, Sanghar, Khipro, Judo, Kumri, Omer Kot and Somaro.
Talking to Dawn via telephone, cotton grower Mul Chand said the situation has deteriorated so much that people did not even have drinking water.
“It is not only cotton sowing is affected due to water shortage. Even red chilies crop has become a victim,” said Mr Mul, adding that so far barely 20 per cent of cotton sowing has been carried out in Sindh.
Goma Mal, another cotton grower said, also shared similar views. He said the situation of irrigation water was so grim that after Sukkur barrage there was no water in the river and canal. Whatever little water flows to canals is stolen by influential people and big landlords of the area.
He further said the excessive heat wave touching up to 43-44 degree Celsius was damaging crops and making life difficult for people.
The Karachi Cotton Association spot rates were unchanged at overnight level.
On ready counter only one deal of 1,200 bales from Sadiqabad was reported to have been sold by an exporter to a spinner at Rs7,750 per maund.
Published in Dawn, May 16th, 2018