LAHORE: The local cotton market on Tuesday remained bearish and the trading volume remained low.

Cotton Analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh is in between Rs 17,500 to Rs 21,000 per maund. The rate of cotton in Punjab is in between Rs 18,000 to Rs 20,000 per maund. The rate of Phutti in Sindh is between Rs 7,000 to Rs 8,300 per 40 kg. The rate of Phutti in Punjab is in between Rs 7,000 to Rs 9,200 per 40 kg.

Prime Minister Shehbaz Sharif has accorded in-principle approval to set the price of cotton at 8500 rupees per 40 kilogram for this year. The approval was granted during a review meeting of the Agricultural Task Force that was held in Lahore on Monday with Prime Minister Muhammad Shehbaz Sharif in the chair.

During the meeting, a detailed discussion was held on increasing the production of cotton and setting its support price.

The meeting was informed that last year there was a substantial reduction in cotton production due to floods, rains, shortage of canal water and fertilizer crisis.

The total production of cotton this year is estimated at 12.77 million bales, while not only the area under cotton cultivation but also the yield per acre is expected to increase significantly. As per acre coast of cotton and its comparison with other crops was also presented to the meeting.

The Prime Minister directed to submit the support price of cotton to the Economic Coordination Committee for approval at the earliest. He said the provincial governments should ensure the provision of fixed price of cotton to the farmers.

He also directed the federal government to provide all possible assistance to the provincial governments to implement the fixed support price. The Spot Rate remained unchanged at Rs 19,800 per maund. Polyester Fiber was available at Rs 355 per kg.