The ginners are facing tough time because unsold cotton stock is not in demand after the spread of coronavirus, some dealers informed on phone on Saturday. 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.
The whole textile sector is in deep crisis due to unavailability of basic requirements, Naseem Usman cotton analyst said. The ginners shared the same ideas and said that the ginners were disturbed as mills were on the sidelines due to prevailing crisis in the world, he added.
The big issue is unsold cotton stock, which is not in demand and causing huge losses, other experts. According to the International Cotton Advisory Committee, the impact of COVID-19 on the cotton and textile industry is uncertain, but the sector has been impacted along with the general economy.
