Cotton demand has been rapidly bouncing back as textile firms are renewing industry activities in order to include Pakistan among the world’s top foreign order recipients after shutdown. As long as textile and spinning mills continue to buy the arrival of cotton because of rainfall, prices are rising throughout the beginning of the week. Later, however, prices fell on the market as lint quality fell due to rain, the merchants said.
The lint prices of Rs8,200 to Rs8,300 per maund were still in Sindh during the week that ended. The range of the prices in Punjab was Rs8,550 to Rs8,650, with the levels in Balochistan ranging from Rs8,350 to Rs8,375 per pound. The spot rate committee of the Karachi Cotton Association increased by Rs100 to Rs8,350 per maund. Cotton production in Pakistan will decrease in the country because of heavy rainfall in the Sindh and Punjab cotton growing regions, which may lead local mills to import more lint, said Ihsan ul Haq, President of the Cotton Ginners Association of Pakistan.
Cotton production is estimated at about 7.5 million bales of cotton in Punjab, the largest cotton producer. In the region, cotton sowing decreased 18% last year. Cotton sowing in Punjab alone has declined by 18.16%.