Pakistani new cotton season 2014-15 has taken off with some good amount of phutti reaching ginning factories of Punjab, as sowing in Sindh is delayed due to cyclone. Previously, the new cotton season started from Badin, Thatta, Sindh and Ghuddo.
Around 4000 maund phutti (equal to 300 bales) arrived at two ginning factories of Haroonabad, Punjab. Ginners are expecting that two factories of Shahdadpur are also likely to start operation during the week to start supply of new cotton crop to textile mills.
According to a leading cotton trader, the new cotton phutti is being traded at Rs 3,200-3,400 per maund, but with the gradually increase in the arrival of phutti, prices are likely to drop in coming days.
Also, it is expected that the quality cotton demand will increase in the local marking in coming days. Better cotton will support the country's largest textile sector, which recently got GSP Plus status from the EU countries for next 10 years, depending on performance.
The federal government has set a cotton production target of 15.15 million bales for the year 2014-15 against cotton production of 13.931 million bales in 2013-14. Punjab has been given a target of 10.5 million bales, Sindh 4.2 million bales, Balochistan and Khyber Pakhtunkhawa 0.45 million bales during the current season.
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