Price of Phutti surges to Rs 2,000 per maund-Texglobe

Price of Phutti surges to Rs 2,000 per maund

Updated: 2009-11-6 Source: Business Recorder

MULTAN (November 06 2009): Price of a maund of Phutti (seed cotton) has risen to Rs 2000 within days from Rs 1,900 in cotton rich south Punjab, growers and officials said on Thursday. The price of Rs 2000 was reported from Rajanpur and Fort Abbas area on Wednesday last and on Thursday it was selling at Rs 2,020 in Bahawalpur, Rs 2,025 in Burewala and Rs 2,000 in Rahimyar Khan, says Central Cotton Research Institute (CCRI) Multan Director Muhammad Arshad.

Khanewal growers Sheikh Muhammad Akram, and Ahmad Khan Malik, and Malik Mumtaz Noon of Shorkot said that Phutti price rose from Wednesday's Rs 1,950 level to Rs 2000 per maund on Thursday in Khanewal and Shorkot. It was a good price growers are getting for their produce this season, CCRI director said.

While growers hope for further surge in price in the days to come, the CCRI director suggested it largely depends on the international market and less on the domestic market situation. He said that last year's cotton production was recorded at 11.6 million bales while the target set for current year is 12.1 million bales which looks achievable.

However, growers sold their Phutti at Rs 1,600-1,700 per maund last year and this year they are getting over Rs 2000 for a maund. He cited reduction in cotton production in China as the reason behind surge in cotton price in the international market.