KARACHI: The Spot Rate Committee of Karachi Cotton Association on Monday decreased the spot rate by Rs 50 per maund and closed it at Rs 8350.

Market sources told local market remained stable. Due to the monsoon rains the quality and supply of the Phutti was also affected.

Ginners were buying Phutti according to their needs. The recent rains in Sindh and other parts of the country are good for cotton crop. The picking of cotton was affected due to rains in the different parts of the country.

Cotton Analyst Naseem Usman told that as per media reports the cotton crop is under attack of White fly in the district Bahawalpur. The cotton crop spread over acres seems in good condition but the attack of White fly may cause it’s production to decline if it is not repulsed by the farmers and agriculture staff.

The crop is in dire need of pesticides spray which may help reduce the damage to the cotton plants.

After sowing the Locust swarms attacked the crop but even then it survived and its growth was satisfactorily.

According to the report released by Intermarket Securities (IMS), Pakistan textile exports may only fall by 5-10 percent in the 20-21 financial year rather than 20 percent or more that was predicted earlier.

Naseem Usman also told that Pakistan textiles and clothing exports posted a negative growth of over six percent to 12.526 billion in the fiscal year 2019-20 as compared to 13.3 billion in the corresponding period of 2018-19.

Minister for National Food Security Syed Fakhir Imam said that Locust have started growing in Pakistan and India.

According to the data released by Pakistan Bureau of Statistics (PBS) ready made garments exports dipped 3.81 percent in value and 10.07 percent in quantity during July-June FY 2020, while those of knitwear dropped 3.64 percent in value and 10.11 percent in quantity.

Naseem also told that cotton crop sowing in the country during current season 2020-21 decreased by 1.3 percent compared to last year. Ministry of National Food Security and National Research Cotton commissioner Khalid Abdullah told media that cotton crop was cultivated on 2.457m hectares against the target of 2.663m hectares. He said that 92 percent of the cotton cultivation target was achieved during the current season. He said that area under cotton cultivation in Punjab was decreased by 2.5 percent as crop was sown over 1.890m hectares against the target of 2.03m hectares.

However, he said that the cotton sowing in Sindh registered 2.7 percent increase as it was cultivated over 0.615m hectares as against last year’s 0.599m hectares.

As per media reports in southern Punjab, including Multan, the cotton production may affect due to the attack of White fly on cotton crop.

Naseem told that 400 bales of Sanghar were sold at Rs 8300 to Rs 8350. 400 bales of Moro were sold in between Rs 8300 to Rs 8350.

Naseem Usman also said that rate of new cotton of Sindh is in between Rs 8300 to Rs 8400 per maund while in Punjab the rate of new cotton is in between Rs 8600 to Rs 8700 per maund.

He told that Phutti of Sindh was sold in between Rs 3300 to Rs 4000 per 40 kg. The rate of Phutti in Punjab is in between Rs 3000 to Rs 4200 per 40 kg.

The rate of Banola in Sindh was in between Rs 1600 to Rs 1650 while the price of Banola in Punjab was in between Rs 1650 to Rs 1700.

The Spot Rate Committee of Karachi Cotton Association has decreased the rate by Rs 50 per maund and closed it at Rs 8350. The polyester fiber was available at Rs 157 per kg.