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Cotton price registers historic increase

05
Feb '10
Prices of cotton stood at Rs. 5,050 per maund (1 mound = 40 kg) on February 3, which is a historic level under the mounting trend of cotton prices.

The textile and spinning sectors are booking forward positions, owing to the shortfall of about 2.5 million bales, expecting growth in cotton prices in near future as well as to book cotton at lower prices, said a cotton expert.

Future prices for three-month delivery period are higher than current prices prevailing in Sindh, with buying remaining concentrated on long staple cotton. The spot rate in Karachi cotton market stood at Rs 3,200 per maund on January 1, 2009 and on December 31, 2009 it was at Rs 4,550 per maund, he added.

In spite of economic downturn and worldwide crop shortage in 2009, lint price in international market went up, which was recorded at 75.43 cents per pound in December 2009. The Cotlook Index on January 2, 2009 was at 57.40 cents per pound and on December 31, it was at 78.45 cents per pound in UK, recording a long move of about 2,105 points, he added.

Country's cotton export reached a historic level in exporting 695,000 cotton bales, registering a growth of 193 percent till December 2009. Cotton was shipped to the countries, including, Bangladesh, India, Central Asian Countries and Indonesia, as per the Federal Bureau of Statistics.

Till February 1, 2010, ginneries received around 12,513,230 bales, out of which, textile sector and private sector exporters purchased 10,907,982 bales and 794,348 bales respectively. It has been estimated that the cotton export would go up to 1 million bales by the end of ongoing month, as multinational companies are also engaged in this business.

Owing to the fall in cotton production, the Pakistan textile sector will face an economic burden of $650 million on the purchase of cotton from USA, India and Brazil. No monitoring measures have been introduced to keep watch on the quality of seeds and germination process, not even a study had been undertaken before permitting Bt type cotton sowing, added the expert.

He further underlined the need to take quick measures for settling down the Bt cotton seed issue, and urged the government to take efforts, in order to facilitate growers to sow certified quality of Bt cotton seed to ensure output in higher volumes.

Fibre2fashion News Desk - India


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