With the increase in the purchase of textile and spinning mills in the local cotton market over the past week as well as the increase in the logistics of the burst, the trading volume of cotton has increased relatively while the price of burst and cotton has remained stable. In Sindh and Punjab, the prices of banoola and kheli increased. In the province of Sindh, the cost of cotton was Rs 7700 to 8800 per tonne. The cost of bursting was Rs 4000 to Rs 3300 to Rs 4200 per kilo. The cost of Rs 40,000 to Rs 4000 was Rs 3600 to Rs 4200 while the cost of cotton in Balochistan province was Rs 8700 to 8900 per minute.
Karachi Cotton Association's spot rate committee increased the spot rate by Rs 50 per minute and closed the spot rate at Rs 8700 per minute.
Karachi Cotton Brokers Forum Chairman Naseem Usman said that due to inclement weather conditions and untimely rains, the crop has suffered a catastrophic loss. The Pakistan Cotton Generals Association has released cotton production data from October 1, according to the report. Production of 29 lakh bales of cotton in the country during this period, which decreased by 10 million 87 thousand bales by 27.04% compared to 40 lakh 20 thousand bales in the same period last year, experts believe that the total cotton production in the country this year Production is expected to be around 10 million bales, while some estimate it to be less than that. Meanwhile, cotton production at the first meeting of the Cotton Crop Assessment Committee (CCAC) is estimated at 10.2 million bales, which will be lower than the first estimate of 100 million bales to 48 million bales, or 33 percent less than local textile and spinning mills. The local requirement would be around one million 45 million bales, thus importing around 45 million bales from abroad, which would cost a billion US $ 50 million worth of foreign exchange.
Naseem Usman said importers estimate that there are now about 1.5 million bales of cotton from overseas, with textile mills expanding cotton to meet their needs following CCAC's cotton production report. Meanwhile, the trend in cotton prices in the international cotton markets can be said to be a slight increase in New York cotton prices for two reasons, one is that the export of cotton has increased by 15% over the last week and the other. Reasons to ease some of the ongoing economic dispute between China and the United States next week God is said to be expected.
In India, the price of cotton is fluctuating. Holidays are going on in China due to National Day. Meanwhile, the new chairman of APTMA Dr. Amanullah Machera addressed the 61st Annual General Meeting of APTMA and assured that he will continue to work for the benefit of the textile industry. He said that the textile industry is in crisis. He said that the government should soon announce a discount package for the textile sector so that exports could be increased. The delegation, headed by Chairman PCGA Mian Javed Sohail, in Islamabad, recently announced that Shuber Zaidi Chairman FBR open with 5% sales tax incentives Akrat Chairman of the FBR open at 5% assured of sending notices of sales tax.
The delegation was attended by Senior Vice Chairman Harish Kumar, Vice Chairman Hafiz Abdul Taif, Former Chairman Sohail Mahmood Hurl and Dr. Jasomal. The Army Chief met with Pakistan Business Tycoon yesterday in which he said that businessmen are in the interest of the country. Meanwhile, the Pakistan Institute of Cotton Research and Technology is organizing World Cotton Day on October 7 in Pakistan, which will be held in Islamabad and Karachi. In which experts will express their views on cotton.
Meanwhile, cotton production in the country has been suffering from devastation for the past several years. The government should take immediate steps to increase the cotton crop. The climatic conditions are changing rapidly around the world. Considering the need to think of cotton sowing, an agricultural scientist should develop strategies.
Correct seeds are desperately needed for growing cotton crops Cotton seeds have become extremely scarce, so high yielding seeds should be imported from overseas, and sugarcane cultivation should be banned in cotton producing areas. Maize is being sown in large quantities in areas, which is leading to reduced cotton production area. Because of this, farmers are attracted to other crops instead of cotton.
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