Pakistan: Strong trend in cotton market
LAHORE: The local cotton market remained stable on Thursday with satisfactory trading volume.
Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 16,800 to Rs 16,900 per head. The rate of footi in Sindh is between Rs 6,600 to Rs 7,200 per 40 kg.
In Punjab, cotton rates range from Rs 17,300 to Rs 17,500 per head and cottonseeds range from Rs 7,200 to Rs 8,000 per 40 kg. Cotton rates in Balochistan range from Rs 16,900 to Rs 17,000 per head, while footy rates range from Rs 6,800 to Rs 7,300 per 40 kg.
The federal government has finally decided to intervene in the cotton market and has directed the Trading Corporation of Pakistan (TCP) to buy cotton to stabilize the falling prices and ensure the minimum support price.
According to a national daily, Punjab Agriculture Secretary Iftikhar Ali Sahu chaired a meeting on crop management and monitoring and said that TCP will soon start ensuring better compensation for cotton growers and the government will maintain the minimum support price mechanism. will fulfill its commitment.
It is to be noted that the government had announced Rs 8,500 per 40 kg support price for cotton in March when cultivation began and the move was appreciated in the farming community and the textile sector, but since then, it has As the minimum support price has failed to ensure. It is now being sold at a minimum of Rs 6,500 per 40 kg.
Prices are also falling as this year's cotton crop has produced on a large scale and the target is likely to be met.
Representatives of the Pakistan Cotton Ginners Association (PGCA) told the Agriculture Secretary that early cotton harvesting, sown in February, is underway, and production numbers look good so far with nearly 60 factories operating in the province and yarn ginning reaching a record number. Has been factory.
Dr. Anjum Ali, Director General, Agricultural Extension, Punjab, echoed the sentiment and said that though there have been some reports of thrips attacks, it has not yet reached the economic threshold level (ETL) and agricultural extension and pest alert teams are active. their efforts to control it.
Around 800 bales of Mir Pur Khas were sold between Rs 16,900 to Rs 17,000 per head, 1800 bales of Shahdad Pur were sold between Rs 16,900 to Rs 17,100 per head, 3600 bales of Tando Adam, 1200 bales of Sanghar, 600 bales of Shah 16,800 to 17,000 per head of Pur Chakkar, 600 bales of Hyderabad, 600 bales of Kotri at Rs 16,900 to 17,000 per head, 1400 bales of Nawab Shah were sold at Rs 17,000 to 17,050 per head. 1,000 bales of Chaudagi were sold at Rs.16,950 to Rs.17,000 per head, 400 bales of Jhola at Rs.16,900 per head, 400 bales of Winder at Rs.16,975 to Rs.17,000 per head, 600 bales of Miyan Channu were sold. 200 bales of Sahiwal, 800 bales of Pir Mehal, 600 bales of Chichavatni, 200 bales of Mongi Bangla were sold at the rate of Rs.17,500 per head, 400 bales of Jahanian were sold at the rate of Rs.17,400 per head, 1200 bales of Layya were sold Gone. 17,500 to Rs 17,600 per head, 200 bales of Tounsa, 400 bales of Sadiqabad at Rs 17,500 per head, 1600 bales of Vehari at Rs 17,400 to 17,700 per head, 1200 bales of Burewala were sold at Rs 17,400 per head. 800 bales of Mana, Khanewal were sold at Rs.17,500 to 17,600 per head.
The spot rate remained unchanged at Rs 17,000 per head. Polyester fiber was available at Rs 350 per kg.
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