KARACHI: The local cotton market remained stable on Thursday. Market sources told that the rate of cotton reached at Rs 9500 per maund which is highest in the season. The supply of Phutti is 19% less than previous year. The rate of cotton is increasing due to the non availability of quality Phutti in the market.

Cotton Analyst Naseem Usman told that Cotton Day is being celebrated all over the world. We should think that what we have done with cotton in Pakistan. The production of cotton is decreasing as well as the quality of cotton is deteriorating.

Moreover, both as textile powerhouses, China and Pakistan are cooperating each other to increase business in the textile sector, said some traders who have had years of business dealings with Pakistan to increase business in the textile sector, aid some traders who have had years of business dealings with Pakistan.

Pakistani-made coarse yarn delivers good value for money as its advantage in cotton fiber overcomes the weakness of coarse yarn production in China’s cotton mill, said Ke Jiangwei, General Manager of Xiamen Naseem Trade Co., Ltd., a Pakistani company registered in China, which has imported yarn from Pakistan for many years.

Zheng Peipei, General Manager of Haian Jinhong Chemical Fiber Co., Ltd., which has been doing business with Pakistan for 15 years told CEN during recently held 2020 China Textile Joint Exhibition recently held in Shanghai by China National Textile and Apparel Council (CNTAC) that Pakistani buyers mainly purchase yarn, nylon, and polyester.

Specifically, high-count yarns are used for making fabrics and socks; fishing lines are exported to Karachi for fishing nets; skeins are dyed and made into sewing threads before being sold to local factories for making shoes, bags, and suitcases, said Zheng.

“We produce a steady supply of quality goods and export them directly to Pakistan at a price that is at least 10% lower than the market average. That is exactly what the Pakistani market needs,” he added.

ICE cotton futures jumped on Wednesday to the highest price in more than seven months, due to concerns about likely crop damage from Hurricane Delta, while gains in the grains market further supported the natural fibre.

Cotton contracts for December rose 0.80 cent, or 1.2%, to 67.66 cents per lb by 1:07 p.m. EDT (1707 GMT).

The contract has gained for a third straight session, having touched its highest since Feb. 24 at 67.83 earlier.

“Looks like Delta is going to be hitting most of the cotton growing regions in the south and unfortunately harvest has begun, but has not progressed very far. So, there are a lot of open bolls that are susceptible to damage,” said Bailey Thomen, cotton risk management associate with StoneX Group.

A Hurricane Watch has been issued for the northern Gulf Coast from High Island, Texas, eastward to Grand Isle, Louisiana, due to Delta, the US National Hurricane Center said.

Earlier, The All Pakistan Textile Mills Association (APTMA) Punjab Chairman Abdul Rahim Nasir has urged the government to announce the new textile policy forthwith to attract new investment to the textile industry.

He said the textile value chain is affected badly due to a delay in the announcement of the new textile policy. He was of the view that a delay in textile policy may result in delay or even backing out of investors from possible investments in the textile chain. Currently, he said, Pakistan is short in production capacity and many exporters are refusing export orders because there is not enough capacity available in the country. A clear long term policy will give investors a clear vision that the government of Pakistan is ready to support the textile chain of Pakistan on long term basis.

Naseem told that 400 bales of Sanghar were sold at Rs 8350 to Rs 8800, 600 bales of Saleh Pat were sold at Rs 9150, 1000 bales of Hingoja (BCI) were sold at Rs 9300, 400 bales of Pir Mahal were sold at Rs 8600, 400 bales of Gojra were sold at Rs 8800, 200 bales of Samundri were sold at Rs 8900, 400 bales of Hasilpur were sold at Rs 9000 to Rs 9100, 400 bales of Layyah were sold at Rs 9100, 200 bales of Taunsa Sharif were sold at Rs 9250, 400 bales of Dera Ghazi Khan were sold at Rs 9250, 800 bales of Yazman Mandi were sold at Rs 9450, 600 bales of Fort Abbas were sold at RS 9500, 200 bales of Dunga Bunga were sold at Rs 9500 and 1800 bales of Haroonabad were sold at Rs 9500.

He told that rate of cotton in Sindh was in between Rs 8200 to Rs 9200. The rate of cotton in Punjab is in between Rs 9000 to Rs 9550. He also told that Phutti of Sindh was sold in between Rs 3800 to Rs 4400 per 40 kg. The rate of Phutti in Punjab is in between Rs 3800 to Rs 4700 per 40 kg.

The rate of Banola in Sindh was in between Rs 1600 to Rs 1900 while the price of Banola in Punjab was in between Rs 1900 to Rs 2100. The rate of cotton in Balochistan is in between Rs 8800 to Rs 9000 while the rate of Phutti is in between Rs 4400 to Rs 5500.

The Spot Rate remained unchanged at Rs 9250 per maund. The polyester fiber was available at Rs 153 per kg.