Weekly Cotton Review: Prices mixed in market amid thin trading

Local cotton rates moved unevenly over the past week as trading volumes stayed light, according to Business Recorder's weekly market review. The KCA Spot Rate Committee lifted the spot rate by Rs600 per maund, bringing it to Rs18,400 per maund by week's end. New York futures also swung, trading between 80 and 85 US cents per pound during the period.

Pests are reportedly hurting crop quality, with mealy bugs and pink bollworms damaging cotton in several Sindh areas. In Umerkot district, acreage this year was nearly double last season's level, yet the crop has suffered heavier damage over the past month. Mill owners remain uncertain about the quality of the local season, while ginners face an unfavourable market as quality deteriorates early.

The Karachi Cotton Association's World Cotton Day event saw chairman Muhammad Atif Shakoor urge the government to act on a war footing to raise output and quality and to avoid cotton imports to save foreign exchange. The event was moved to the FPCCI this year, the association said, because the ETPB had allegedly occupied its building with FIA help. Speakers also called for certified seed access for growers and emergency measures across the sector.