Trading Corporation of Pakistan (TCP) has been asked to review its purchasing plan by Pakistan Cotton Ginners Association (PCGA) and Ginners group as more than two million bales of cotton are lying unsold in their stock.
PCGA has called upon the government to act upon its plan to purchase one million bales of cotton through Trading Corporation of Pakistan (TCP) and issue clear cut orders for restoration of contracts and re-sampling of the cotton lying in different ginneries.
PCGA's Vice-Chairman Rao Sadar-uddin along with chairman of ginners group Haji Muhammad Akram and Shehzad Ali Khan said that now TCP should review its purchasing plan according to the commitment of the chairman of TCP. All the cancelled contracts of cotton to be restored and re-sampling of the stock are ensured.
They warned that payments of billions of rupees to farmers would be not possible and they would not be able to sow wheat and negative effects of current season would also affect the next crop. They reiterated their demand to take the ginners out of prevailing crisis.
On the other end on Tuesday, the Pakistan cotton market witnessed sharp drop in the official spot rate mainly because of comfortable supply position. The official spot rate was down by Rs 100 to Rs 4,800. In the ready session, around 5000 bales of cotton changed hands between Rs 4250 and Rs 5150. In both Sindh and Punjab, seed cotton prices were unchanged due to lack of buying interest.
The following deals were reported to change hands: 300 bales of cotton from Hala at Rs 4250, 200 bales from Rohri at Rs 4850, 800 bales from Burewala at Rs 4550-4650, 400 bales from Chichawatni at Rs 4775, 600 bales from Hasilpur at Rs 4800, 800 bales from Haroonabad at Rs 4900, 200 bales from Maroot at Rs 4925 and Rs 1200 bales from Khanpur at Rs 5150.
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