Cotton
trading remained low on Thursday, while spot rates increased Rs50/maund. The
spot rates rose to Rs6,050/maund (37.324kg) and Rs6,484/40kg. Ex-Karachi rates
also increased to Rs6,195/maund and Rs6,639/40kg after an addition of Rs145 and
Rs155 as upcountry expenses, respectively.
An analyst said an increase in the demand resulted in higher spot rates. A
total of 19 transactions were recorded of around 18,000 bales at a price of
Rs5,875 to Rs6,250/maund. Among them, notable deals were recorded from Tando
Adam, Shahdadpur, Rohri, Saleh Pat, Khairpur, Haroonabad, Khanewal, Burewala
and Ahmedpur.New York cotton market recorded mixed trade on all its futures.
October futures increased 0.06 cents/pound and December futures fell 0.02 cents
to 69.25 cents/pound.
India has the largest area devoted to cotton
cultivation. Around 9.4 million hectares of land with an estimated four million
farms had been involved in cotton farming since the past decade. Approximately
65 per cent of India’s cotton is produced on rain-fed areas. India is the only country
to grow all four species of cultivated cotton Gossypium arboreum and herbaceum
(Asian cotton), G.barbadense (Egyptian cotton) and G.hirsutum (American Upland
cotton). Gossypium hirsutum represents 90 per cent of the hybrid cotton
production in India.
Source: Daily News,USA Friday, 22 September 2017