After remaining mostly steady to tight since the beginning of this month, cotton prices came under pressure on Thursday conceding Rs 100 per maund (37.32 Kgs) in Sindh and about Rs 50 per maund in the Punjab. Seedcotton (Kapas/Phuti) prices also lost nearly Rs 50 per 40 Kgs. This follows a reported agitation by the ginners against the growers in Sanghar in Sindh for charging higher seedcotton prices. However, the seedcotton prices were now reported to have ranged lower from Rs 3100 to Rs 3200 per 40 Kgs in Sindh and also from Rs 3100 to Rs 3200 per 40 Kgs in the Punjab. Also, the gas and power supply to the mills, particularly in the Punjab, remains short even after the induction of the new government of Nawaz Sharif about a month ago. Observers said it would take more time before age-old problems of utility supplies are rectified. Another noteworthy factor is the fall of the value of the Pakistani rupee to an all time low against the United States dollar having dropped to Rs 102/Rs 103 against the greenback. This occurrence should make imported cottons more dear though finished goods like yarns and madeups export may gain due to this development. Other news indicated that new crop cotton (2013-2014) from Sindh possesses very good quality with staple length upto 1.08 of an inch and appreciable improvement in grade and micronaire. Some of these qualities are said to be close to the Indian Shankar style but Sindh cotton has more moisture and trash. Textile markets are also said to be generally remunerative so that most subsectors of the cotton economy from field to fabrics are doing fairly well. Cotton yarns are also said to be doing well which means that cotton business should continue to pick up over the coming weeks and months.
Posted on: Fri, 19 Jul 2013 07:41:39 +0000
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