Phutti arrivals hit by rains
Seed cotton arrivals curtailed by fresh rains on the cotton market in the country, dealers said on Monday. The official spot rate was unchanged at Rs 6,550. In the ready business, around 3,000 bales of cotton changed hands at Rs 6650. Prices of seed cotton per 40 kg in Sindh were unchanged at Rs 2950-3950 and in Punjab rates held the overnight level at Rs 2875-3000, the dealers said.
According to the market sources, present weather condition is favourable for the cotton crop, but if rains start again and last continuously for two or three days, it could be harmful for the standing crop. Sharing the same views over the monsoon rains, cotton analyst, Naseem Usman said that recent rains were beneficial because rainy water would wash and clean all viruses from the crop particularly Cotton Curl Leave Virus, which attacked in some parts of cotton belt, but thanks God for the fresh rains in the country.
Sporadic rains were good and now ginners were satisfied to some extent as they hoped they could earn better as a result of better-than-expected production, some experts said. Usually, ginners and growers both face financial losses in case of prolonged rains. The mills and spinners were not in a bargaining position, so trading activity would came down and it appeared that business may fall ahead of Eid holidays, other brokers said.
The following deals reported as 400 bales of cotton from Sanghar sold, 200 bales from Tando Adam, 200 bales from Mir Pur Khas, 800 bales from Shahdad Pur, 200 bales from Mian Chano, 200 bales from Vehari, 200 bales from Chichawatni, 200 bales from Kabbir Wali, same number from Burewala, 100 bales from Arif Wala and 200 bales from Qaboola all finalised at Rs 6650, they added.