Cotton prices in the local cotton market have been generally mixed trendy over the past week.
Cautious buying of textile wasting mills in the local cotton market during the last week and ginners had increased the sale of cotton due to fear of decline in the market due to which earlier this week. After a four-day downtrend, New York Cotton started buying from needy textile mills despite the Kashmir Day holiday on Friday due to a sharp rise of 3.35 US cents per pound. As a result of which the price of cotton has started rising again. The ginners also raised the price in anticipation of further increase in the price. Many ginners have refused to sell the cotton. They think that at present “stop and The attitude of “look” should be adopted.
Thus, the overall trend in the price of cotton during the week was mixed. The price of cotton in Sindh province has gone up by Rs. 10,200 to Rs. 10,600 per kg. The price of cotton has been declining day by day. The price of cotton has gone up by Rs. Until 1900 rupees and the price of oil remained stable. The price of cotton in Punjab is Rs. 10400 to 10800 per man. The price of Balochi cotton is Rs. 11300 to 11400. The price of cotton is Rs. 4000 to 5400. The price of cotton is Rs. 1700 to 2000 per man. The price of which is being demanded by the generators at Rs. 11,000 per man.
The spot rate committee of Karachi Cotton Association reduced the spot rate by Rs 100 per man and closed the spot rate above Rs 10,700 per man. Chairman Karachi Cotton Brokers Forum Naseem Usman said that the international cotton markets started during the week. New York Cotton’s promise price rose sharply by 3.35 US cents after the release of the USDA’s weekly cotton export report on Thursday evening, although the export report was 16 percent lower than last week’s report. Sources said that the new US President Joe Biden has hinted at resuming the policy of reconciliation with China, even though China was the biggest buyer this week and Pakistan was at the third position.
If there is economic reconciliation between China and the United States, the economic situation in both countries may improve, which will have a positive impact on the global economy. However, during the week, cotton prices remained stable in China, Brazil, Central Asian countries, etc., while cotton prices in India were seen fluctuating. Last Wednesday, PCGA held a meeting of cotton stakeholders in Islamabad. A Round Table Conference was organized on the topic of TO DEVELOP CONSENSUS ON RENIVAL OF COTTON CROP in which Federal Minister for MNFSR Syed Fakhr Imam and Federal Minister for Foreign Affairs Shah Mehmood Qureshi were the special guests. He has been the Chairman of Pakistan.
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In his address, Shah Mehmood Qureshi made the following points for increasing the cotton crop. As the cotton crop grows, so will the industry. To increase cotton production, everyone has to grow in a row. Cotton research centers have been flourishing for decades. Prime Minister Imran Khan is urging cooperation with China in the agricultural sector. In the second phase of C-Pack, Pak-China agricultural cooperation will increase. Pakistan also wants agricultural cooperation with the United States.
Provinces have not been able to focus on agriculture after the 18th amendment. Cotton is the backbone of our economy. Cotton is needed in the textile industry. Cotton depends on cotton wool for edible oil. Cotton is also a source of income for women. Chairman PCGA Dr. Jasumal Lemani said that due to severe reduction in cotton crop, 800 units of ginning industry have been completely shut down. Cotton ginning industry has the capacity to gin 20 million cotton bales while due to reduction in cotton crop we Limited to only 5.5 million cotton bales.
The textile sector has a very important role to play in GDP growth and instead of relying on importer cotton, we should formulate a comprehensive policy to increase domestic cotton production and we need to follow the developing countries in the cotton crop. To increase the cotton crop. Former Chairman Sohail Mehmood Hurl presented demands to the government for the rehabilitation of cotton in which the sales tax and other taxes levied on cotton for the rehabilitation of cotton should be abolished immediately so that the farmer can get proper compensation for his crop.
To improve the cotton ginning industry, cotton control should be implemented. Cotton crop zoning should be implemented and import of GMO and non-GMO cotton seeds should be allowed instead of other commodities in the cotton growing area. The government should also ensure the provision of interest free loans to the cotton farmers. Like the textile sector, the electricity rates in the ginning sector should also be reduced like in the textile sector. The government should form a cotton control board consisting of stakeholders on an emergency basis. The government should also announce a support price of Rs 5,000 per person.