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Sunday, April 21, 2024

Global cotton scenario this week

Local farmers are dismayed by their inability to recover the cost of their harvested cotton last season and are staying away from sowing the crop this year. We might see a decline in the cotton sowing area this year.

Pakistan produced according to official figures around 11 million bales this year but the All Pakistan Ginners Association that gin all the cotton produced in the country say that they received a little over 4 million bales from Punjab and 5 million bales from Sindh. Whichever figure is right the cotton production in Pakistan was below the local mills demand. Still the farmers failed to get the right price for their produce.

The local cotton market throughout the week remained steady with low trading volumes. Rate of cotton in Sindh ranged between Rs 20.800 to Rs 23,000 per maund. The rate of cotton in Punjab fluctuated between Rs 21,000 to Rs 23,000 per maund. Phutti was not available in Sindh and its prices in Punjab were observed between Rs 8,500 and Rs 10,200 per 40 kg.

On Thursday 400 bales of Tando Adam were sold at Rs 19,500 per maund, 600 bales of Kumb were sold at Rs 21,500 per maund, 1,000 bales of Ahmed Pur were sold at Rs 21,000 per maund,6,00 bales of Rahim Yar Khan were sold at Rs 21,750 per maund and 200 bales of Chichawatni were sold at Rs 23,000 per maund, 400 bales of Ghotki were sold at Rs 22,300 per maund, 575 bales of Fort Abbas were sold at Rs 20,700 to Rs 21,000 per maund, 600 bales of Layyah.

Karachi Cotton Market Spot Rate remained stable at Rs 21,500 per maund. Polyester fiber was available in the market at Rs 365 per kg.

The retail price range for Australia cotton is between US$ 4.06 and US$ 8.71 per kilogram or between US$ 1.84 and US$ 3.95 per pound(lb). The retail price range in Australian Dollar for cotton is between AUD 6.10 and AUD 13.10 per kilogram or between AUD 2.77 and AUD 5.94 per pound(lb) in Canberra and Melbourne.

The retail price range for Indonesia cotton is between US$ 0.87 and US$ 1.16 per kilogram or between US$ 0.39 and US$ 0.52 per pound(lb). The retail price range in Rupiah for cotton is between IDR 14,460.00 and IDR 19,280.00 per kilogram or between IDR 6,557.82 and IDR 8,743.76 per pound(lb) in Jakarta and Surabaya.

The retail price range for Vietnam cotton is between US$ 1.43 and US$ 2.38 per kilogram or between US$ 0.65 and US$ 1.08 per pound(lb). The retail price range in Dong for cotton is between VND 35,771.25 and VND 59,618.75 per kilogram or between VND 16,222.79 and VND 27,037.98 per pound(lb) in Hanoi and Ho Chi Minh City.

The retail price range for Cambodia cotton is between US$ 0.25 and US$ 0.44 per kilogram or between US$ 0.11 and US$ 0.20 per pound(lb). The retail price range in Riel for cotton is between KHR 1,028.13 and KHR 1,850.63 per kilogram or between KHR 466.27 and KHR 839.29 per pound(lb) in Phnom Penh and Siem Reap.

The retail price range for Bangladesh cotton is between US$ 0.92 and US$ 1.62 per kilogram or between US$ 0.42 and US$ 0.73 per pound(lb). The retail price range in Taka for cotton is betw BDT 98.78 and BDT 173.90 per kilogram or between BDT 44.80 and BDT 78.87 per pound(lb) in Dhaka and Chittagong (Chattogram).

The retail price range for Brazil cotton is between US$ 1.56 and US$ 1.64 per kilogram or between US$ 0.71 and US$ 0.75 per pound(lb). The retail price range in Brazilian Real for cotton is between BRL 7.78 and BRL 8.21 per kilogram or between BRL 3.53 and BRL 3.72 per pound(lb) in Brasilia and Rio de Janeiro.

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