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Date
 25/08/2020
News Provider
 Nur Aisha Abd. Wahab
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 Business Recorder
Headline
 Bullish trend witnessed on cotton market

Business Recorder (25/08/2020) - KARACHI: Bullish trend was witnessed in the local cotton market on Monday. Sources also told that quality of Phutti was affected due to the monsoon rains. Picking may also be affected due to rains. Cotton Analyst Naseem Usman told that according to APTMA circles that distortions and inefficiencies in Pakistan's energy sector and their consequential impact on consumers and businesses are not new to debate concerning sustained economic growth of the country.

While contrary to the clear directions of Prime Minister Imran Khan, the inordinate delay in extending the regional competitive power tariff of 7.5 cents per unit by the Power Division has put the export industry and Small and Medium Enterprises (SMEs) in a quandary if they should continue production activities or not, as in absence of the regional competitive tariff, the industry cannot thrive any more.


In line with directions from the top man of the country, the Power Division was supposed to bring the summary in the ECC held on August 21 for issuance of regionally competitive tariff of electricity at 7.5 cents per unit, but it didn't come up with the summary which irritated Adviser to PM on Commerce and Textile Abdul Razak Dawood in the meeting.


According to the media reports the officials in the meeting told that since June 2018 to June 2020, the industrial power tariff has virtually increased by 45 percent saying he never heard the phrase 'creeping tariff' but this is happening in Pakistan.


Commerce Ministry's top mandarins were also distressed over the unwarranted delay by the Power Division, as it would increase the energy cost manifold owing to which the Pakistani products in global market will be no more affordable when compared to the products of competitive nations such as Vietnam, India and Bangladesh.


In the ongoing financial year, the export industry is yet being denied the regionally competitive tariff earlier extended by the government in the last fiscal but in the current financial year, the government has not yet notified the said tariff of electricity at 7.5 cents per unit putting the exports growth at stake.


Naseem Usman told that 1600 bales of Tando Adam, 800 bales of Shahdadpur, 1200 bales of Sanghar were sold in between Rs 8400 to Rs 8500, 200 bales of Matyari, 400 bales of Khipro, 200 bales of Khadro, 200 bales of New Saeedabad, 200 bales of Gup Chani, 1000 bales of Shahpur Chakar were sold at Rs 8400, 600 bales of Jam Sahib were sold at Rs 8350, 600 bales of Haroonabad were sold at Rs 8700, 600 bales of Samundri were sold at Rs 8700, 400 bales of Vehari, 1000 bales of Rajanpur were sold at Rs 8650, 200 bales of Chichawatni were sold at Rs 8650 to Rs 8700 and 1600 bales of Chiowk Munda were sold at Rs 8650 to Rs 8750.


He also told that rate of cotton in Sindh was in between Rs 8400 to Rs 8500.The rate of cotton in Punjab is in between Rs 8700 to Rs 8800. He also told that Phutti of Sindh was sold in between Rs 3700 to Rs 3900 per 40 kg. The rate of Phutti in Punjab is in between Rs 3700 to Rs 4100 per 40 kg.


The rate of Banola in Sindh was in between Rs 1500 to Rs 1550 while the price of Banola in Punjab was in between Rs 1700 to Rs 1800. The Spot Rate remained unchanged at Rs 8500 per maund. The polyester fiber was available at Rs 153 per kg.


Read more at https://www.brecorder.com/news/40014239/bullish-trend-witnessed-on-cotton-market



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