MULTAN: Slow trading was witnessed on the cotton market on Saturday as sellers stayed on the sidelines. The Karachi Cotton Association kept its spot rate unchanged on Rs8,800.
Experts said that though millers wanted to purchase the commodity but ginners were reluctant to enter into any deal since cotton prices are expected to rise after Eidul Fitr. Also, as Eid holidays near, it is difficult to find transport to deliver cotton.
Meanwhile, the Punjab government has yet to announce how much area the cotton crop has been cultivated at. However it is being estimated that the cultivated area is about 20 per cent less as compared to the estimates made by the provincial government.
The Punjab agriculture department has suggested that farmers complete cotton cultivation till May 31. It is worth noting that high inputs for cotton are forcing farmers to shift to other crops. According to cotton experts, per acre input cost of the crop in Pakistan is about 50 per cent extra as compared to the per acre cost in India.
The following deals materialised on the ready counter: 800 bales, Rahim Yar Khan, at Rs8,900; 400 bales, Khanpur, at Rs8,925; and 200 bales; Khanewal, at Rs8,700.
Published in Dawn, June 2nd, 2019
