MULTAN: Brisk trading activity was witnessed on the cotton market on Friday as phutti (seed cotton) arrival improved and despite increase in demand, prices remained stable. The Karachi Cotton Association increased its spot rate by Rs100 at Rs8,200. There was also an increase of Rs25 in phutti prices, with prices, which ranged between Rs3,550-4,200 in Sindh and Punjab.
Traders said that as phutti arrival is improving, the market is gaining momentum. Not only is the local market stabilizing, there are positive signs from international markets, they added.
Meanwhile market sources said locusts attack has caused sizeable damage to cotton in Sindh. Reports of locusts attack in Punjab are a matter of concern, they added. Besides Rahim Yar Khan, there are also reports of locusts attack in Rajanpur on various crops including cotton.
Sources alleged that so far no steps have taken by the Punjab government to deal with the attack. If the agriculture department does not control the situation immediately, locusts can damage cotton crop and cause severe financial losses to growers.
The following major deals were reported to have changed hands on the ready counter: 1,200 bales, Rahim Yar Khan, at Rs8,650; 2,000 bales, Bahawalpur, at Rs8,600; 800 bales, Alipur, at R8,575; 1,200 bales, Hyderabad, at Rs8,300-8,350; 1,000 bales, Mirpurkhas, at Rs8,350; 2,000 bales, Sanghar, at Rs8,325-8,350; and 3,000 bales, Tando Adam, at Rs8,350-8,375.
Published in Dawn, July 6th, 2019