Some leading ginners and growers have requested the government to save the cotton industry from disaster because workers and businessmen were facing financial losses particularly after the spread of coronavirus, market sources observed.
The official spot rate was unchanged at Rs8800, dealers said. The rate of seed cotton per 40kg in Sindh low quality was at Rs2800, while the best quality was unchanged at Rs4100, and in the Punjab prices of low quality were at Rs2800 while the fine type was available at Rs4600, they said.
In Sindh, Binola prices per maund were at Rs1400-1800, in Punjab rates were at Rs1650-1800, they said and the rate of polyester fibre was at Rs167 per kg, they added.
They said that the government should take immediate rescue measures to save the textile industry from total collapse owing to negative impact of coronavirus.
Naseem Usman, Cotton analyst, said that we must have to appreciate all the positive steps taken by the provincial and federal governments. He also said that cotton sowing accelerated in both the Punjab and Sindh, giving an impression that arrival of seed cotton will start, condition will improve in the near future.
According to the All Pakistan Textile Mills Association (APTMA) fully support the Association also fully support the efforts and measures taken by the both federal and provincial governments and assured all cooperation to fight against coronavirus pandemic.
