KARACHI, Sept 21: A joint monitoring by the ministry of food, agriculture and livestock and the ministry of commerce will be carried out to keep a close watch on cotton prices which are being anticipated to come under pressure on expected bumper crop this season.

A decision to this effect was taken in a meeting held in Islamabad on Monday under the chairmanship of Food, Agriculture and Livestock Minister Sikandar Hayat Khan Bosan to review the current cotton market situation and the necessity for timely intervention by the Trading Corporation of Pakistan to protect growers' interest.

It was pointed out that the growers should get a price for their produce above the seed cotton support price of Rs925 per 40 kg as announced by the government.

The minister observed that in view of the larger area sown and higher yield prospects this season, a sizeable cotton crop over and above the last year's level was expected. Accordingly, the market price of lint and seed cotton can slide downwards to the disadvantage of the growers.

After a detailed discussion over the current market price trend and emerging scenario in months to come, it was agreed that a joint monitoring system of Minfal and the ministry of commerce would be established to ensure a close watch on cotton prices.

The joint team will also adjust prices based on the market information on weekly basis and the Federal Bureau of Statistics will monitor and gather prices of cotton seed and report to the ministry of commerce and Minfal on regular basis.

The meeting was attended by Minister of State for Commerce Hamid Yar Hiraj, Commerce Secretary Tasneem Noorani, TCP Chairman Syed Masood Alam Rizvi, the agricultural development commissioner, the cotton commissioner, and vice-president of the Pakistan Central Cotton Committee.

Our Reporter from Islamabad adds: The meeting also decided that the ministry of commerce would fix the lint parity price on the first day of every week during the peak phutti arrival months up to November 30, 20004.

It was also decided that the lint parity price would be fixed by the commerce ministry beyond November 30 fortnightly on the basis of cotton seed price to be obtained from the Federal Bureau of Statistics. This will facilitate the task of market intervention by the TCP to ensure stability in cotton prices for the benefit of growers.