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KARACHI: Pakistan yielded 11.58 million bales during the cotton season 2017-18 which closed on May 1, against 2016-17 when 10.72 million bales were produced till April 15, 2017. The previous cotton season was short by two weeks.
A big deal of 13,000 bales from Sadiqabad was the highlight of the trading session. Market reports suggested that ginners are holding around 275,000 bales from current season cotton stocks. However, needy spinners are booking small lot deals of inferior quality cotton to meet their demand.
The world leading cotton markets were firm, with Indian cotton closing Rs100 to 200 higher and New York cotton also closed firmer for all future contracts except maturing May contract.
According to final cotton production figures released by Pakistan Cotton ginners’ Association (PCGA) on Thursday, Punjab yielded 7.32 million bales. Last season, the province produced 6.94 million bales up to April 15, 2017.
Sindh performed better by producing 4.25 million bales, substantially higher over the previous season’s cotton production which stood at 3.67m bales.
Textile mills during the extended cotton season 2017-18 also purchased bulk quantity of cotton at 11.08m bales.
Shortage of irrigation water and delay in sowing is a cause of concern for market players. According to market reports an advance deal of phutti (seed cotton) of 10 trucks load from Shahdadpur for June 15-30 delivery was finalised at a high rate of Rs3,620 per 40kg.
This means that cotton prices for next cotton crop would be at around Rs8,000 per maund, brokers said.
Last season (2016-17), textile industry purchased 10.25m bales up to April 15, 2017. This indicates that textile industry heavily depended on local cotton and only imported lint to meet its finer count yarn production.
Ginners are presently holding unsold stocks of around 279,894 bales from cotton season 2017-18. Last season (2016-17) the ginners held unsold stocks of 265,597 bales up to April 15, 2017.
As the current season extended by a fortnight (April 15 to May 1), the flow of phutti during this period was recorded at 2,753 bales.
The Karachi Cotton Association (KCA) spot rates were firm at overnight level.
The following deals were reported to have changed hands on ready counter: 400 bales, station Ghotki, at Rs7,300; 275 bales, Rahimyar Khan, at Rs7,300; 800 bales, Khanewal, at Rs7,800; and 13,000 bales, Sadiqabad, at Rs7,550 to Rs7,575.