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Weekly over view of cotton market
23
Jun '08
Pakistan has emerged as the fifth largest producer of cotton in the world, employing more than 1.3 million farmers who are cultivating over 3 million hectares, covering 15 per cent of the cultivable area in the country.

Cotton and cotton products contribute near about 10 percent to GDP and around 55 percent to the foreign exchange earnings of the country.

Even though the cotton crop in the present financial year, in various regions, is suffering for a variety of reasons, including poor germination in Punjab, high temperatures during August and September 2007 and pest like mealy bugs attacks, the merchants are quite happy with positive trade deals.

During the week starting from June 16- 21, the market remained in the tight grip of ginners.

According to available reports, a moderate amount of seed cotton was sold at near about Rs2,100 per 40 Kg ex-factory. Cottonseed was priced at Rs900 per maund from new crop in Sindh. The cost of lint cotton was marked over Rs4,000.

Recently heavy rains in Rahimyar Khan District ruined the newly sown cotton, which now requires re-sowing.

At the end of season in June, lint prices set high record of Rs 4,100 per maund, showing an increase of 57.69 percent.

Presently, the spot rates at the Karachi Cotton Association (KCA) remained firm at Rs3,800 per maund and demand for fine lint moved on to the higher side.

For complete quotation of today's price click here

Fibre2fashion News Desk - India


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