KARACHI: Recent rains have affected the cotton business; However, the rate of the commodity remained stable. There were ups and downs in the international cotton market on Wednesday.
Renowned agricultural scientist Dr. Tasawur Hussain Malik has said that the solution to Pakistan's economic woes lies in good quality cotton.
In the local cotton market, incessant rains in almost all the cotton growing areas of Sindh and Punjab and Baluchistan during the past week kept most of the cotton factories closed and even ginning could not be done properly, resulting in little business. Markets were also closed due to Muharram holidays.
According to the reports coming from the cotton producing areas, there has been minor damage to the crop due to rain, but the quality has been affected. There is a possibility of damage to the crop if it rains further. may cause damage; However, the predictions will be made after the rain stops.
However, due to the relatively high yield, this will not make much difference. There is a possibility that the crop may be affected by the outbreak of insects after the rains.
In Sindh, cotton rates ranged between Rs 17,800 and Rs 17,900 per head, while footy rates ranged between Rs 7,200 and Rs 7,700 per 40 kg.
Cotton rates in Punjab ranged between Rs 18,000 and Rs 18,300 per head, while futi rates ranged between Rs 7,000 and Rs 8,500 per 40 kg.
Cotton rates in Balochistan ranged between Rs 17,800 and Rs 17,900 per head, while footy rates ranged between Rs 7,200 and Rs 7,800 per 40 kg.
The spot rate committee of the Karachi Cotton Association capped the rate at Rs 17,935 per maund.
Naseem Usman, President of Karachi Cotton Brokers Forum, has said that the international cotton market is in a bullish trend. The futures trading rate of New York cotton reached a six-month high and closed at 88 US cents. The rise in cotton prices in New York was linked to a fall in the value of the dollar and severe heat and drought in cotton-growing states and regions.
Later, the cotton settled at 84.26 US cents due to relatively short supply as per export reports. Cotton prices in India are also showing an uptrend. According to the USDA's weekly export and sales report, 18,700 bales were sold for 2022-23. China topped by purchasing 2700 bales. Vietnam was second with 2,600 bales.
About 80,600 bales were sold for the year 2023-24. China topped the list by purchasing 63,300 bales. Mexico was second with 11,500 bales. Bangladesh bought 3,000 bales and stood third. Pakistan bought 2,600 bales and stood at the fourth position.
The director of the Pakistan Cotton Standards Institute (PCSI) expressed these views while addressing a gathering of cotton pickers during a training organized by the PCSI here.
He said, PCSI is the only institute in the country which undertakes quality-wise grading of cotton and provides technical assistance on cotton classification, grading, selection and fiber testing to farmers and private sector to improve quality of seed cotton as well as lint. does.
More than 30 cotton pickers from Punjab and Sindh's agricultural extension departments, Pakistan Cotton Ginners Association (PCGA) and Pakistan Cotton Brokers Association (PCBA) attended the training on 26 July which will continue till 8 August.
However, recent monsoon rains in the country's cotton belt have damaged the crop. Ihsanul Haque, President of the Cotton Ginners Forum, has said that there is a fear that this time the country will not be able to achieve the target of cotton production, which was set at more than 10 million bales. He said that this situation will also harm the country's exports.
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