KARACHI: The cotton rate witnessed extraordinary fluctuations from Rs 15,00 to Rs 2,500 per head. The spot rate was increased by Rs 900 per head. Due to high rate of US Dollar and less supply of Footi, the prices are facing volatility.
Pakistani stakeholders organized an important meeting of the Organic Cotton Accelerator (OCA) in Dubai. It is being told that 25 lakh bales of cotton are yet to be imported from abroad. However, it is looking unlikely that more deals will be signed due to the unavailability of the US dollar.
The rate of cotton was increased from Rs 1,000 to Rs 2,000 per head and later fell from Rs 5,00 to Rs 1,000 per head. There was an extraordinary fluctuation in the price of cotton from about Rs.15,00 to Rs.25,00 per head. The price per 40 kg foot was increased from Rs 7.00 to Rs 8.00. Many ginning factories have partially suspended their operations due to unviability.
However, due to the rising value of the US dollar, cloth spinners wanted to buy cotton, while ginners were also running after cotton, which has pushed cotton prices to a high of Rs 20,000 a head and footies from Rs 8,200 to Rs 9,300. It has become Rs. Per 40 Kgs.
However, after the fall in the market on Friday morning, panic was seen among the ginners, as a result of which the prices of futi and cotton started falling.
The price of cotton in Sindh has increased from Rs 8,00 to Rs 1,000 per head to Rs 19,000. The rate of foot per 40 kg is between Rs 7,800 to Rs 8,500 after increasing from Rs 6,00 to Rs 7,00. Cotton rates in Punjab range from Rs 19,500 to Rs 20,000 per head, while footy rates range from Rs 7,800 to Rs 9,000 per 40 kg.
Cotton rates in Balochistan range from Rs 19,000 to Rs 19,300 per head and cotton between Rs 8,000 to Rs 9,300 per 40 kg. There was a slight increase in the rates of Khal, Cottonseed and Oil.
The spot rate committee of the Karachi Cotton Association increased the spot rate by Rs 900 per head and closed it at Rs 19,200 per head.
According to the USDA's weekly export and sales report, 38,900 bales were sold for the year 2023-24. China topped the list by purchasing 31,700 tonnes of bales. Vietnam was second with 10,800 bales. Bangladesh bought 5100 bales and stood third.
52,800 bales were sold for the year 2024-25. Malaysia topped the list by purchasing 26,400 bales. Pakistan bought 22,000 bales and stood second. Mexico bought 4,400 bales and ranked third.
The government has decided to implement a track-and-trace system in ginning factories to fully document the cotton trade and trace the actual production/sale of the commodity.
Companies like Artistic Milliners, which has started scaling it up, also shared valuable feedback. It was said that for this purpose we need non-GMO plus organic seed banks which can give us better production as seeds will play an important role in this.
Many well-known names of the cotton industry participated in it. M. Adil Naseem Osawala (Naseem Usman & Sons), Hina Adil Osawala (Musab Seeds Corporation), Dr. Javed Hasan (APTMA), Dr. Khalid (SAWIA), Hafiz Muhammad Bux (WWF), Shahid Saleem (Reeds), Dr. Shahid Zia (Lok Sanjh), Khwaja Noman (Control Association). Lubna Khalid (IDFL), Saqib Sohail and Imar Ahmed (Artistic Milliners), Asad Sorti (Sorty Ant), Maqbool Baig (Interloop), Asad Bajwa, Hussain Memon, Babar Bajwa (CABI), Usman and Rahol (Inditex) participated . The event was hosted by Asif Mehmood, Jyoti Sharma and Rude Shutta (OCA).
Meanwhile, cotton importers say that import contracts for the years 2022-23 and 2023-24 have been signed for around 25 lakh bales of Pakistani weight (155 maunds) cotton from abroad.
This year, if cotton production in the country is 10 million bales, there will be no need to enter into new import deals except long staple cotton as domestic consumption is expected to be around 12.5 million to 30 million bales. , However, the lack of US dollars may pose difficulties
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