MULTAN: A rising trend in cotton prices was witness once again on Thursday due to short arrival of phutti (seed cotton) in the market. An increase of Rs100 in phutti prices and Rs50 in lint prices was recorded. The Karachi Cotton Association kept its spot rate unchanged at Rs8,100.
Cotton experts said trading activity increased due to the presence of major textile groups and it is being expected that cotton prices will further increase due to slow arrival of phutti. There is shortage of quality cotton which has pushed prices higher on ready counter by up to Rs50 per maund. Market sources said phutti is available on advance payment in the market.
Meanwhile there were reports of locusts attack on crops in Punjab. According to Chairman Cotton Ginners Forum Ehsanul Haq said the locusts swarm has entered in Rahim Yar Khan, the largest cotton growing zone of Punjab.
Haq said that the attack is likely to cause serious damage to crops and unfortunately no emergency measures have been taken by the provincial government. “If immediate steps are not taken, this could spread to other cotton areas of south Punjab including Bahawalpur, Multan, Khanewal. The locusts attack has damaged cotton and other crops badly in Sindh,” he said.
The following deals were reported to have changed hands on ready counter: 1,000 bales, Rahim Yar Khan, at Rs8,650; 1,600 bales, Alipur, at Rs8,575; 800 bales, Feroza, at Rs8,600; 2,200 bales, Sanghar, at Rs8,300-8,325; 600 bales, Mirpur Khas, at Rs8,300; and 2,400 bales, Tando Adam, at Rs8,300-8,325.
Published in Dawn, July 5th, 2019