Buying activity at cotton market seen improving

Active buying by spinners and mills was seen at the cotton market on Tuesday, as they resumed their normal covering operations at the prevailing prices, while, at the Karachi Cotton Association spot rates remain unchanged.

Following were some of the deals that changed hands on the ready counter: 200 bales, Haroonabad at Rs6,950; 200 bales, Shahdadpur, at Rs6,550; 200 bales, Mirpurkhas, at Rs6,575; 465 bales, Vehari, at Rs6,700; 200 bales, Tando Adam, at Rs6,550 and 700 bales, Rahim Yar Khan, at Rs6,550.

The price of seed-cotton (phutti) was Rs3,325 in Badin, Rs3,250 in Kunri, Rs3,300 in Dharo, Rs3,315 in Jhudu, Rs3,350 in Tando Bhago, Rs3,300 in Nawankot, Rs3,330 in Degree, Rs3,300 in Mirpur Chakir and Rs3,350 in Chichawatni.

Punjab Secretary of Agriculture Muhammad Mehmood claimed that Girdawari (surveyorship) of cotton crop to assess the accurate estimate of the crop production in the province has been completed and according to which this year’s cotton cultivated area in the province is 5,506,000 acres, an increase of 120000 acres over the last year’s acreage.

However, the cotton production will be 20 percent more as compared to last year.