Cotton prices fall Rs400 per maund to Rs10,800 per maund
Business
April 11, 2021
KARACHI: Cotton prices fell Rs400 to Rs10,800 per maund as spinners showed reluctance to make purchases, traders said on Saturday.
They said interest of spinners further declined in purchase of cotton that resulted in a drop of the official spot rate fixed by the Karachi Cotton Association.
Chairman Karachi Cotton Brokers Association, Naseem Usman, told The News that international markets witnessed fluctuation during the outgoing week. In the New York Cotton Market, rates had gone down to 77 cents per pound, which again increased to 82 cents per pound.
Cotton rates in the international market fluctuated during this period while local stocks are left below than 85,000 bales only.
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There are few districts in Sindh that can be credited with a role in the freedom struggle against Britishers. Sanghar is one of them.
There are few districts in Sindh that can be credited with a role in the freedom struggle against Britishers. Sanghar is one of them. Its history sans the powerful Hur Resistance Movement titled watan ya kafan (our land or a coffin) would be incomplete.
Sanghar, area wise one of Sindh’s largest districts, had forests of Makhi which had pastures with valuable production of ghee, butter etc. Britishers imposed ‘panchari’ tax (grazing tax), forcing Hurs to leave which eventually led to the resistance.
KARACHI: The Pakistan Cotton Ginners Association (PCGA) on Saturday strongly opposed cotton imports from India, maintaining that the move would discourage local growers from sowing this cash crop.
Growers, ginners, spinners and cotton brokers are actively supporting the government’s decision of not allowing cotton imports from India despite the Economic Coordination Committee approval.
Talking to Dawn, PCGA Chairman Dr Jesu Mal said that if Indian cotton imports are allowed, growers will not go for sowing of cotton for this season. Cotton sowing has already begun in Sindh and will start soon in Punjab.
“Due to no research on cotton seeds, poor pesticides and high cost of fertilisers, cotton yield fell to nine maund per acre during the season ended with just 5.5 million bales almost one third of the production we achieved with 14.8m bales a few years ago,” he said.
Textile sector plans protest against cabinet decision
Presses govt to allow cotton yarn import from India
PHOTO: AFP
LAHORE:
The value-added textile sector of Pakistan has expressed its reservations about cabinet’s refusal to allow import of cotton yarn from India, saying that they are planning a protest in the coming days.
“According to the World Trade Organisation (WTO) laws, no one can object to trade with another country, the restrictions imposed by Pakistan on trade with India are based on political grounds, but if we allow imports of medicines from India, then why not cotton yarn,” questioned Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Patron-in-Chief Ijaz Khokhar.