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PCGA disagrees with CCAC cotton production estimates
02 Nov '11
2 min read
Pakistan Cotton Ginners Association (PCGA) has voiced disagreement with the downwardly revision of cotton production estimates to 12.22 million bales by the Cotton Crop Assessment Committee (CCAC).
PCGA Chairman Amanullah Qureshi said cotton production for the current year would not be less than the earlier projection of 15 million bales. He said the production in Punjab province is estimated to be around 10.9 million bales and production in Sindh would be around 4.2 million bales in 2011-12 season.
In view of the same, Mr. Qureshi stated that the Trading Corporation of Pakistan (TCP) should be asked by the Government to buy 3.4 million bales of surplus cotton.
He said cotton arrivals during the next two months would prove CCAC's estimate wrong.
He added that the CCAC's unrealistic report would lead to manipulation in the market and the Prime Minster should take note of it.
The weavers, spinners and textile millers have already decreased the prices of cotton substantially, and both the cotton growers and ginners are left at their mercy, the PCGA Chairman said.
He claimed that the textile millers and spinners are buying cotton at price that is 20 to 25 percent below the rates at which cotton is traded in New York cotton and other markets.
PCGA Chairman Amanullah Qureshi said cotton production for the current year would not be less than the earlier projection of 15 million bales. He said the production in Punjab province is estimated to be around 10.9 million bales and production in Sindh would be around 4.2 million bales in 2011-12 season.
In view of the same, Mr. Qureshi stated that the Trading Corporation of Pakistan (TCP) should be asked by the Government to buy 3.4 million bales of surplus cotton.
He said cotton arrivals during the next two months would prove CCAC's estimate wrong.
He added that the CCAC's unrealistic report would lead to manipulation in the market and the Prime Minster should take note of it.
The weavers, spinners and textile millers have already decreased the prices of cotton substantially, and both the cotton growers and ginners are left at their mercy, the PCGA Chairman said.
He claimed that the textile millers and spinners are buying cotton at price that is 20 to 25 percent below the rates at which cotton is traded in New York cotton and other markets.
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